Oliver Miles of Oliver Miles Estate Agents advises prospective sellers and buyers not to wait until the property market gets back to ‘normal’.
 
You may recall the boom and bust property markets of the early 1970s or the late 1980s, the MIRAS debacle in 1988 and 15% mortgage interest rates.  A greater number of people will remember recent mini booms and busts, general elections, Black Wednesday, the Scottish referendum, the banking crisis, Brexit and, of course, the global pandemic. Over the years all these events, large and small, have affected the market to a greater or lesser extent.

So, if anyone is waiting for the property market to get back to normal they will wait a long time as there is no typical property market. It is essential to understand that the market is constantly in a state of in flux. Sometimes the market will benefit the buyer, and sometimes the seller but the market has never suited both buyers and sellers at the same time and what you lose on the swings you gain on the roundabouts.

We now have the challenge of low stocks of property for sale, increasing interest rates and property values in some areas rising steeply. However, changes happen in the property market and it is not certain that the current situation will continue.

I would advocate playing the property, not the market. Find your perfect property and a deal that works for you – it may not be prudent to wait until the market peaks, because it may at that point be too late. Would you rather have a perfect property or a perfect market? I know which I would choose.