Local Information is more valuable that National Satistics |
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14th July 2010
There are a number of mixed messages regarding the state of the housing market. A word of polite advice - ignore them. The problem is that such statistics are national averages and not necessarily indicative of the area in which your property is located.
Furthermore, when is a sale a sale? We regard the point of sale as when the offer is accepted, the point at which the sale price is fixed. Lenders and The Land Registry record data upon completion, often 3 months later. The price increases and falls are in fact a reflection of what has already happened, which is great in terms of identifying trends but not much help in practical terms.
Our role is to ensure you get the best possible price for your property and to achieve this we need to know what prices are doing at the time of instruction. What happened 3 months ago is largely irrelevant. We use comparable current properties many of which may not be under offer yet so their data will not be recorded anywhere.
In the last four weeks we have achieved sales figures comparable to those in 2007. More importantly, we have achieved over 97% of our recommended asking prices proving that we know what we are talking about.
There are more properties available which gives buyers more choice. Nevertheless, a sensibly priced property marketed correctly will sell. So don't pay too much attention to the contradicting statistics. They are often incongruous because different sources have data in differing concentrations in differing parts of the country.
We only use local data, so we know what is happening where you are.
