Oliver Miles Estate Agents: Don't Panic!
Oliver Miles of Oliver Miles Estate Agents suggests how to tackle the property market as we approach the end of lockdown and the start of Summer.
Lately the property world seems as though it might have lost its mind. How much should we believe from the press? If it isn’t screaming about panic buying and soaring prices it’s yelling about renovations at No. 10! One’s view of No.10, of course, will depend on which side of the fence you sit and similarly with property there are two sides – the buyer’s and the seller’s.
Sellers in many parts of the country are currently reaping the benefit of rising prices, driven by shortage of property coming onto the market and strengthened demand, but it is a different picture for buyers. Vying for every property with many other keen and proceedable buyers is not an enjoyable position to be in. This competition often causes hastily made decisions, too much compromise and many are suffering disappointment.
The pandemic, Brexit, low interest rates, looser lending criteria and the stamp duty holiday have primarily created this surge in demand. What will happen when these things, like the No 10 renovation, are only memories? It is difficult to predict but what we do know is that the property market is cyclical.
The first thing one should do is to remember the immortal words of Corporal Jones from Dad’s Army “don’t panic, Mr Mainwaring, don’t panic”. If you must move or can manage a tussle then by all means join the fray. But if you prefer a gentler buying or selling experience, then consider holding off for a little while. The market heat will dissipate before too long, just as Covid seems to be doing.
How do you decide? You could leave it all to chance, or you could obtain proper advice. The best Estate Agents not only sell property but also advise buyers and sellers wisely. They know more about the emotional, practical and financial side of moving than anyone else, because they have experienced it many hundreds of times for thousands of people.
If you are wondering what and when your next step should be, don’t panic, just talk it over with people who know.
Oliver F Miles FRICS FISVA
Chartered Surveyor, RICS Registered Valuer
01929 426655 firstname.lastname@example.org