Wirral Property Market Update

MARKET UPDATE

As we enter the final two months of the year many people begin their Winter hibernation period. For others it can be an unexpectedly positive time to take advantage of the current market conditions. October has certainly been an interesting month following the mini-budget announcement interest rate rises and stamp duty cuts in late September. Initially there was a sharp intake of breath from practically everybody in the market, waiting for the dust to settle, to allow people to understand how the combination of changes would affect them.

After a week or so we saw that the majority of people forged ahead with their plans to move and with many even expediting their plans ahead of any further potential interest rate rises. We are fortunate on the Wirral to have a relatively robust property market where the motivators and reasons to move are strong, including thriving towns and villages, areas of outstanding natural beauty, fabulous leisure and recreation options, highly sought-after schools for all ages and excellent transport links to Liverpool, Chester and beyond. Within this microcosm there will always be a need and desire to move as housing needs change, whether it’s upsizing, downsizing, improving their location or satisfying additional requirements.

In contrast to suggestions within the media of a housing market crash, what we are actually seeing is a natural slowdown in pace and a return to what was considered more normal pre-covid. Before the pandemic the average ‘normal’ time for a property to be on the market before attracting a buyer was 8-12 weeks. During the last couple of years there has been a huge disparity between the hyped levels of demand from buyers and a significant shortage of available properties often causing a frenzy of activity whenever a new property was listed by an agent. It became commonplace for homes to sell before they even made it on to the open market. This return to the previous norm for some may will feel like a drastic slow down but rest assured there are still plenty of demand out there and plenty of buyers.

We are keen to advise and guide our vendors through this transition and help them to plan their move accordingly with realistic expectations. Another consequence of this natural slow down combined with increased mortgage costs is that property values have definitely levelled off. Buyers are now afforded more time and have more options in the market and are therefore able to make a far more considered choice rather than being forced to make rushed decisions and having to pay a premium to secure a property quickly.

As the availability of property increases and buyers can be more selective with the properties they view, it is more important than ever to ensure that your estate agent is providing the very best marketing to showcase your home in the best possible light. We strongly believe in the benefit of professional photography and for this reason we are the only Wirral estate agent who provides professional photography as standard for all our vendors at no extra cost. Our aim is to create an overall level of property marketing, customer service and result that has never been offered before to Wirral homeowners.

Selling a property can be a stressful time, loaded with obstacles along the way. However, with the personal attention, focus, experience and dedication throughout the process from us, the agency owners, we hope to help our clients navigate unexpected problems and risks which could lead to sales falling through if poorly managed. If you are planning a property move and are looking to sell your home, we would be absolutely delighted to speak with you and discuss how we can help you achieve the best result in the current market. Check out our website www.homewirral.co.uk, visit us at 42 Grange Road in West Kirby or give us a call 7 days a week on 0151 625 0125.