Ian Preston's Property Market Update for August
Welcome to our August market update. So before I get stuck into the market update I want to give a quick 'plug'. We’ve just launched a couple of new websites - the Selby Property Blog and the York Property Blog which are focused exclusively around buy-to-let investments.
We have picked two of our very best people to give you bespoke advice for both the York and Selby markets in terms of helping you with a buy-to-let purchase. Ashley Mehr - a hugely experienced member of our lettings team who is dealing with the York market place, and James Danbury - our experienced branch manager in Selby.
They are going to be giving impartial advice on buy-to-let issues, and suggestions not just with Preston Baker but with other agencies as well. Again feel free to contact them directly and they will be able to tell you more about their service they can off completely free of charge.
What's happening in the market?
So the market itself, things have starting to settle down a bit post-Brexit. Things are becoming much clearer in terms of which direction the market is going.
Two big things happening really, the first one is that the proportion of houses selling has remained pretty much unaffected. So we are running at about 83% sales to instructions which is historically high. The market has been buoyant for a number of years now and it's still exactly in that same space which is great great news.
Secondly we think that certain sellers might be being put off by negativity in the media so that across the markets where we trade, whilst our business have been relatively been unaffected, the total number of instructions has actually decreased. We suspect this sort of discretionary seller might be staying away from the market.
We have also had feedback from other customers that some properties are sticking on the market for a little bit longer and as I say, our sales to instruction ratio hasn’t really been negatively impacted at all. But there are a couple of tips for anyone who is struggling to sell at the moment. That is really two of my three P’s - price, presentation and promotion.
Setting the right house price
Don’t go over cook your price, you will know if you price which you set is higher than what the last house sold for (on your street). Thats okay if that last house sold a year ago. If it only sold last week and if their property is maybe just as well presented as yours is, then the reality is that you need to be pitching at the same level in order to be guaranteed of getting early interest.
Promoting your property
It is not simply enough to put up a board up in a garden and expect your property to sell in the market that we are moving into. The Bank of England wouldn’t be considering changes to interest rates if it was anything other that.
So the key issue is this, your agent has to have a plan, they have to understand and have a clear strategy that they can explain to you about how they can get all of the interest that is available in the market and create urgency. And that is why we use the property launch method for so many of our properties - its not suitable for every single property, but it is suitable for the vast majority, And that is why we continue to achieve a very high sales to instructions ratio.
So if you are struggling at the moment and thinking about selling and you want some really clear professional advice. Please contact your local branch or alternatively send me an email firstname.lastname@example.org and I will be happy to answer any questions you may have.
Excerpt from Heart FM interview with Ian Preston
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