NEWS

Residential sales market update

Published September 24th, 2019

Residential sales continue to fall with new instructions last month declining slightly at Berrys.

The Halifax and RICS residential market reports both highlight the uncertainty and caution in the market. By areas house price growth is best described as flat, reflecting the political and economic uncertainty.

In addition, security of employment is not as stable as it was 12 months ago.

There has been a fall of some 12 per cent in a year on year comparison in housing stock coming to the market for most agents, a trend that Berrys is currently bucking.

Interest rates remain very low, and with some very competitive deals, lenders are keen to attract new borrowers,” said Adam Farnsworth at Berrys.

“However, the documentation and compliance procedures can prove a real obstacle. “The bank of Mum and Dad is increasing its share of the lending market.”

The issues of scarcity arising from the lack of new build and second-hand stock continues with an annual requirement sitting somewhere between 240,000 to 340,000 homes set against the build of 165,090 new homes in 2018.

“It has been another month of what has been a consistent trend of fall off of residential sales since May,” he added

For more details contact your local Berrys office or Adam Farnsworth at the  Kettering office on 01536 532373 email adam.farnsworth@berrys.uk.com

For more information...

Visit our relevant website page: Property Sales

More about Adam Farnsworth


MRICS FAAV
Chartered Surveyor
Tel: 01536 532373
Mobile: 07775 925352
adam.farnsworth@berrys.uk.com

Adam is a Member of the Royal Institution of Chartered Surveyors, a Fellow of the Central Association of Agricultural Valuers and a Registered Valuer.

Adam has been involved in the rural and property sector for over 35 years, starting out as a rural valuer and sheep auctioneer with Berrys in the South West. He has worked across all areas within the rural sector but specialises in Agency, Landlord & Tenant issues, Rural and Estate Property Management, as well as undertaking general professional services work for clients.