LOCAL MARKET UPDATE FOR BUSHEY 2022
2022 has been an unusual year in the Bushey property market with prices running perhaps counterintuitive to what you may think. Read on to find out more.....
2022 has been an unusual year in the Bushey property market with prices running perhaps counterintuitive to what you may think.
The sold pricing of properties has continued to steadily rise all year even against the backdrop of the increasing cost of living and rising interest rates.
Why is this the case – well there are a variety of factors but the continued shortage in the supply of properties, especially the 3 and 4 bed family homes, and that despite rising interest rates the mortgage rates are still fairly low from and objective point of view. Also, there is supposed to be somewhere I the region of 25 buyers for each property. This means buyers are getting fed up on missing out on properties and are offering strong prices in the first instances.
We have also seen an increase in chain free buyers. Over the last two years more sellers have concluded their sales and then rented/moved back in with family. This means they are in a really strong position when offering on a property and much more flexible with timescales.
So, what is likely to happen between now and the end of the year?
Well there is no crystal ball however if the amount of properties on the market remains constrained then it is likely property prices will remain stable and buyers will still be under pressure to make good offers and come to quick decisions if they see a property they like.
September and October are often good times to interact with the market as sellers target finding a buyer ahead of the winter months.
Being well prepared on the financing and legal front is also going to be important and we have continued to work closely with buyers around recommendations of mortgage providers and conveyancer in order to put them in the best position possible.
We have also looked to better support our local community by working with a local food bank, Red Trust Bushey. This means that the community can drop off food items at our offices which then directly benefits those who live nearby and need this additional support.
By our continuing to support sellers, buyers and the Bushey community overall those who are working with/alongside us will be in a great position to have a good end to 2022.
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