Is it now a buyers' market?

Whenever confidence has dropped across the UK people, property prices are one of the first signs that we are on a downward trajectory. Seasonally sales are slower at this time of year, but many parts of the market have become flat and lifeless in the last couple of months, forcing the hand of many to either take property off the market or reduce to get their property sold. But when you see New build developers offering extravagant incentive packages to sell houses, it's a tell-tell sign that the buyers are retreating and waiting for a better price.

It’s a great time for buyers. A few years back people had to pay over the asking price to secure a property, but now there are definitely deals to be done. Buyers are very much in the driving seat at present.

It’s a real mixed bag out there. Areas of the country typically associated with second homes seem to have a wave of excess stock whereas those areas dominated by large employers still seem to have a shortage of stock. If you need somewhere to live, it’s always a good time to buy. If someone is looking to invest in property, it’s more expensive than it was but still cheaper than other major countries around the world.

It’s clear we’re in a buyers' market, and this trend is likely to continue, especially in light of recent Budget measures. For prospective buyers, this could be a welcome opportunity, but higher interest rates are impacting affordability, limiting what buyers can borrow. As a result, sellers are being forced to adapt to these shifting dynamics, with a noticeable rise in down valuations reflecting the market’s adjustment to tighter budgets.

No, I would not say it’s a buyers’ market. The recent increases we have seen in the price of fixed money, may mean we are paying slightly higher for a fixed rate deal than perhaps we did 2 weeks ago, but there are still great deals to be had. This hasn’t translated in the reported drop in asking prices as declared by Rightmove, this is more of a symptom of the budget and renters reform bill. Those thinking of selling have seen the writing on the wall and have decided to put plans into action earlier than they would have otherwise done. Wanting to sell quickly means only one thing. Get real on asking prices.