Tim Guest’s Post

Property buyers are returning to the market in significant numbers, as revealed in API Magazine’s Q3 2024 Property Sentiment Report. The survey of investors and industry experts indicates a shift in sentiment, with the number of those opting to “wait and see” dropping sharply for three quarters in a row. Currently, only 22% of respondents are choosing not to buy, down from 39% in Q4 2023. Meanwhile, 29% are planning to purchase property in the next 12 months, though the proportion intending to build has declined from over 10% at the end of 2023 to 6.8% this quarter. The report shows a clear move back to traditional investments like houses, units, and apartments, with fewer buyers now focused on alternative property types. Overall, respondents expect property prices to continue rising well into 2025.

Since 1989, the property market across the UK has experienced significant growth in house prices, with variations across different regions. Here is the increase in average house prices, ordered from the lowest to the highest: East Anglia: 245% increase Yorkshire and Humber: 254% increase East Midlands: 270% increase Wales: 299% increase West Midlands: 314% increase South West: 318% increase South East: 321% increase North East: 328% increase Scotland: 346% increase North West: 401% increase London: 442% increase Northern Ireland: 549% increase These statistics highlight the dynamic changes in the UK property market over the past few decades, with some regions experiencing more rapid growth than others. Understanding your London home's value in this evolving property market can provide crucial insights for your future plans.  If you're curious about how these trends have impacted the value of your home in London, don't hesitate to contact us for a no-obligation, free valuation

Property Market Imbalance: Soaring Prices and Declining Affordability According to real estate experts and property brokers, property prices have increased by 50% to 70% in the past two years. There is a significant shortage of affordable or low-cost properties in the market, as developers are primarily focusing on luxury projects. In major cities, the cost of a 2BHK apartment has reached the crore mark, making it difficult for the middle class or salaried individuals to buy homes, even if they want to. Investors are pouring in large sums of money to capitalize on the rapidly rising property prices, while end-users are disappearing from the market. A property market cannot sustain itself for long solely on the strength of investors. As a result, demand is now decreasing. The situation may worsen in the future, as property prices have increased disproportionately compared to people's income growth. This irrational surge in prices could lead to a severe downturn. If timely measures are not taken, the property market could experience a prolonged recession. Investor should not be run and wait for market correction.

Think median prices reveal a property market’s potential? Not so fast. Median prices often miss crucial details, leaving buyers in the dark about true growth potential. Our latest blog shows how expert buyer’s agents help buyers and investors gain a clear perspective on what really drives market value. https://lnkd.in/ge5gDKtY #PropertyAdvice #MarketInsight #BuyersAgent #PropertyPotential #PropertyWizards

Since 1989, the property market across the UK has experienced significant growth in house prices, with variations across different regions. Here is the increase in average house prices, ordered from the lowest to the highest: ·       East Anglia: 245% increase ·       Yorkshire and Humber: 254% increase ·       East Midlands: 270% increase ·       Wales: 299% increase ·       West Midlands: 314% increase ·       South West: 318% increase ·       South East: 321% increase ·       North East: 328% increase ·       Scotland: 346% increase ·       North West: 401% increase ·       London: 442% increase ·       Northern Ireland: 549% increase These statistics highlight the dynamic changes in the UK property market over the past few decades, with some regions experiencing more rapid growth than others. Understanding your home's value in this evolving property market can provide crucial insights for your future plans. If you're curious about how these trends have impacted the value of your home don't hesitate to contact Forbes Estates for a no-obligation, free valuation/market appraisal on 01257 273324.

September Quarter Property Market Update... Perth's property market continued its impressive upward trend in the September Quarter once again outperforming other capital cities. With an increase in new listings and steady demand, the market is dynamic and competitive. Curious about what's driving these changes and what it could mean for buyers and sellers in the coming months? Click through for a comprehensive update and a full downloadable report... MGP Property Janna Ford

Property market update The month of February provided overall solid results in the property market, Australia wide. With January being quieter with historically smaller amounts of transactions occurring, February data provides us a strong insight as to what the calendar year may bring. You will be able to see from the data released by CoreLogic below, the Nation as a whole recored 0.6% increase in dwelling prices and Sydney 0.5% growth for the month of February. This data illustrates a solid start to the year with Hobart being the only capital city to record negative growth. The data above is reflective of what we are seeing day to day in the market. Our buyer enquiry is higher during this time compared to other years which can be a good indication of buyer sentiment. We are also seeing large numbers through open homes and much more certainty in the market with interest rate cuts predicted towards the end of 2024. Whilst there are various drivers of price growth medium - long term, often short term price fluctuations are driven by market sentiment which is usually controlled by the media headlines which we are staring to see much more positivity throughout. Even with 0.5% increase in Sydney over the last month, on the median price of $1,128,155, that equates to $5,640 increase and shows what delaying a purchasing decision can cost in just 29 days.

Valuers can sometimes RUIN DEALS due to a lack of alignment with current market dynamics and growth trends. This was nearly the case with a recent duplex deal. My client, a real estate agent themselves, conducted thorough due diligence and valuations prior to proceeding with the purchase. **Deal Details:** - **Off-Market Purchase Price:** $550,000 - **Current Rent:** $760 per week - **Market Rent:** $800 per week Despite our comprehensive analysis, the bank's internal curbside valuation, which was significantly lower than the purchase price, nearly jeopardized the deal. The valuation was based on comparables from surrounding suburbs with median values $200,000 to $300,000 below those of the purchased suburb. Additionally, the comparables used were nearly a year old, despite the surrounding area having experienced an average of 20% growth over the past year. In the suburb where the property was purchased, similar units were selling for between $300,000 and $325,000. Recognizing the valuation's inaccuracies, we questioned the valuer's assessment and sought an independent residential valuation from another expert. This effort led to the original valuation being overturned—a rare outcome, as valuations are typically upheld. This scenario highlights the importance of ensuring that valuations reflect current market conditions and growth patterns. It also underscores the value of thorough due diligence and having multiple valuations to safeguard the interests of clients.

There are plenty of properties on the market at the moment, giving buyers plenty of choice - listing volumes were up 6% in the last quarter Vs Q2 2019. However, our data clearly shows that transactions are still struggling to progress through to completions, reflecting the ongoing affordability issues driven by high interest rates. Sold Subject to Contract (SSTC) levels are down 32% compared to Q2 2019. Similarly, completion rates, while showing moderate growth in May, remain circa 40% below where we’d expect from normal market conditions.  Find out more about what’s happening in the property market with our latest trends report: https://hubs.la/Q02GysXW0