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A recent surge in property listings new to the market has added to the already existing large amount of stock yet we aren’t seeing a lift in sales to offset the amount of property coming onto the market. A few days prior to this article being published my calculations have 61 properties hitting the market in the past 3 weeks. While there is normally a spike in properties to market this time of the year the amount recently is well above normal.
Certainly the amount of transactions haven’t been close to anywhere near half what has been listed recently and if new properties hitting the market continue at this rate you will see a flood of property available of sale at the start of summer.
That’s will be good news for buyers being that they have more choice but not so good news for sellers as they will have a lot more competition. Sellers will be competing on price mainly so therefore they need to make sure the property they have for sale is presented extremely well to achieve enquiry and that it’s priced to sell to get a result. If not then expect to see price reductions which are happening all though the papers. And it’s not just higher end of the market specific property that this applies to.
It also means that you can expect properties will stay on the market for longer with selling timeframes pushing out further then what we have today.