Saturday, July 25, 2009

Late July '09

It's late July 2009 and we had a call this week from the Cambridge Building Society, which is a small lender in comparison with Lloyds-TSB/HBOS/RBS, to say they are now considering applications for 90% loan to value mortgages. Positive news we feel - hope the interest rates aren't killers!

There is a feeling that the market is improving and there is no way I'd want to pour cold water on that sentiment but let's be careful. We have properties for sale that appear to be correctly priced - cheap even - that don't attract buyers and others that we are swamped with enquiries and viewings on! Very difficult market to assess and make intelligent comment on.

There are 3 things over and above the usual statement of 'location, location, location'. These are are price, presentation/condition and location. Eighteen months ago you could have probably 2 out of 3 that weren't up to scratch and still get a sale. Now you need to 2 out of 3 that ARE right to achieve a sale.

I'm looking for new instructions please!
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