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With the news that we have hit a double dip recession the question I am being asked is how will it impact the prime country house market?
A slow start to the year has already been seen and, after Easter, the hope was that there would be a few months activity before the Olympics and the nation gets distracted.
So news that we are back in recession, married with the news that we can expect the wettest May on records doesn’t leave the industry with the optimism it needs right now.
I expect recession to affect the prime property market based on the pattern over the past few years where, after any bad economic news, buyers and seller, become cautious for a while and don’t act.
Prime property buyers, typically, see anyone selling as being under pressure to do so and see this as an opportunity to snap up a deal. This can lead to low bullish offers being lodged in the hope that the seller buckles, which, unless they have to, typically doesn’t happen.
Prime property sellers not exposed to the 3 D’s of death, divorce & debt, typically, decide not to bring their property to the market, waiting instead for the market to turn, as they will not see it as a good time to sell and believe that there aren’t buyers out there. This leaves a shortage of stock in the market place.
This may appear all doom & gloom, but there is a way forward and with it, brings hope for the market place.
2. When Buyers want to buy they will buy.
The conditions for both need to be right and the primary condition is price.
Sellers need to get their asking price right. The tactic of starting with an overpriced figure to drive a high offer does not happen. Many properties adopting this tactic see it backfire by excluding many credible buyers and, eventually, seeing asking prices being drastically reduced, leading to offers received being well below a property’s true value.
Buyers need to get the price right and not being too bullish is key. Most sellers don’t need to sell and won’t give their home away, so make your offers realistic and reasonable. Manage your own expectations by accessing the information data out there to support a reasonable offer.
Elite Property Search provide services to help both buyer and sellers during these times.
For sellers: we have a database of active pre-screened buyers. Your property could meet their requirements, so let us know about it. Also, at no cost to you, we are able to discreetly promote your property via a national property portal. This allows you to test the market place without losing your property’s anonymity and it gaining a shelf life.
For buyers we have a large portfolio of off market, privately available property, not accessible through any other source, which is added to daily. We can also identify and make direct contact with property owners whose property meets your criteria. This service provides you first, and unique, access to the best properties that meet your requirements.
So although with the recession returning, this will bring more difficult conditions for most. Those who are pro-active and who liaise with specific sector services like Elite Property Search should see this as opportunity and success being within their grasp.
For more information on the services that Elite Property Search offer please contact us
Central Office: Andrew Findley tel: +44 (0) 1865 479980
South East Office: Tim Sharp tel: +44 (0) 1483 256775
South West Office: Joe Nisbet tel: +44 (0) 1202 766566
London Office: Max Storey tel: +44 (0) 207 060 2338