I have held onto my thoughts until January was over and we've reached the mid point of February.
January was, in my opinion, a worrying month. Most buying activity seemed to stall until thelast few days of the month. I have deliberately waited until now to make that comment as I would have been labelled 'negative'!
Why did it happen?
- Stamp Duty threshold reversed to £125,000 from £175,000
- VAT back to 17.5% from 15%
- The weather!
I believe the major factor was the weather. Rightmove and our own website produced activity statistics that were more than 100% up over the month. The vast majority of viewings were 'virtual' rather than real until the snow receded and the buyers came out. This let us finish the month with a flourish and early February has been active also with more people arranging market appraisals on their home.
Just a little advice for those getting appraisals. Make sure that the agent(s) giving you advice has done some research into the local market and is prepared to leave the data with you. Pricing figures that are based on facts are always a lot more reliable than those based on wishful thinking. Telling you exactly what you want to hear may be pleasing initially but can mean a prolonged period 'on the market' and result in a lower achieved price in the long run or disappointment after losing the home you wanted to buy.
We always need more homes to sell - call us on Ely 665020 to start your 2010 home move.