“The Media and HM Land Registry”

The issue of house prices is a hot topic and close to every homeowner’s heart. Everyone has their opinion, but even that of experienced estate agents is no more accurate about the future of property prices than that of the layman. Prices are subject to micro and macro economics, political direction, taxation, the City, the Euro, the Dollar, and a whole host of tangibles and intangibles that all combine to influence the market.

Of course, a movement in the market can even become a self-fulfilling prophesy when subject to reckless or dramatic media headlines, prompted by the smallest shred of “evidence”.

Fortunately, most people have by now become somewhat immune to media hype and speculation, and look to the fundamentals of the economy to try to gain an understanding of the market – which still eludes most of us!

Ironically one indicator that is often misinterpreted is the one which is usually hailed as the most reliable source of all property data – the stats provided by HM Land Registry based on completed sales. Although newspapers will highlight the latest released figures, any estate agent will tell you that they are seldom an accurate reflection of current market sentiment. This can really only be measured by the activity levels reported by agents on a daily basis, and we can certainly testify that the current market in this area is far from the dire picture reported by HM Land Registry.

For example, the latest HMLR figures reflect completions which happened up to three months ago, which reflect exchanges that happened up to six months ago that in turn reflect offers that were accepted up to nine months ago on properties that came to market possibly over a year ago!

When we provide homeowners with our market opinion, we take the fullest account of current buyer activity in the context of available comparable stock across the market, and find this up-to-the-minute approach helps us to secure the very highest prices the market will pay – today!

“Should Your House Have Sold By Now?”

We are often asked to look at properties that really should have sold, but haven’t, and we understand the disappointment of vendors whose experience of the sales process has fallen short of their expectations.

We usually find that it’s the way that the average estate agent communicates that causes the frustration – not necessarily a lack of buyers.

So if you find yourself with a property that appears to be sticking, you might like to determine the reason by asking yourself the following questions:

• Is your agent as enthusiastic as the day he/she listed your property?
• Do they keep you regularly updated with constructive feedback immediately following a viewing?
• Do they phone you, or do you have to chase them?
• Do they accompany viewings to make sure they are maximising buyer contact and feedback opportunities?
• Do they keep you informed of what is available and actually selling in the area – and not just their own stock?
• Have they provided you with practical marketing advice in terms of how to present your property for sale?
• Do they regularly advertise properties similar to your own in order to attract a variety of buyers?
• Do you feel like a valued customer with an important property, or one of a number of instructions on their books?
• Are they blaming a slower market, or taking responsibility?

If the above rings any bells, it might be worth rethinking your sales strategy with a refreshing kick start before your property goes stale on the market. Why not give us a call on 023 92 602155 before it’s too late?*