A great deal is talked about property prices and what the market is doing Nationally in the press but, as most good agents will tell you, estate agency has always been a local business. I might be rushed off my feet in Helston but a colleague may be twiddling his feet in an office just a few short miles away. So what is actually happening in the market in West Cornwall? The following figures are taken from New Years day to yesterday (24/5/11) and the same period the previous year.
So what’s been going on? For our sellers, its been a much better year with the average time taken to sell a property down by a thumping 21%! Comparing our figures to those of Rightmove and home.co.uk for our area, it is clear that all local agents have seen an improvement in selling times but, despite stiff competition, PDQ has retained its regular top spot on the leader-board out of our competitors for finding buyers for our customers year on year.
The actual number of homes selling in the areas shows virtually no change up or down according to home.co.uk and Rightmove. However at PDQ we have seen a 125% increase in our the number of customers homes we have sold. Testament to the hard work and skills of our excellent sales team. Accurate honest pricing combined with regular customer feedback calls and the utilisation of intelligent marketing including social media, have all helped play their part in achieving these results.
And actual selling prices? These are notoriously difficult to asses in smaller areas so should always be taken with a pinch of salt however; looking at the general picture of figures from home.co.uk and, using our own, in house sales figures and statistics, it would seem that the average house price has dropped by a couple of percent year on year but, is currently showing signs of a slight recovery. Some property types however, have shown strong increases in price levels (flats particularly). As we have said before, there is strong confidence in the housing market from landlords who are using spare cash and the increasing availability of buy to let finance, to increase their portfolios.
My prediction for the coming year? Property is selling and will continue to sell, albeit not in the high volumes we were seeing a few years ago. Prices seem to be pretty much stabilised now and, whilst we will inevitably see months when the average price drops, this will be balanced out by growth months as well; overall, I expect to see very modest growth in prices (2-5% at most).
About Chris Wood: Chris is an estate agent with over 25 years of property experience and is based in Penzance and Helston, West Cornwall. He has worked with all sizes and types of businesses from single office independents to the management team and board of RBS and Tesco. A former President Elect of the NAEA and board member of NFoPP until he resigned in 2009, Chris has always championed the highest professional standards for estate agents in theUK. No stranger to the media, he has appeared on various programs including BBC, News 24, ITV, independent and BBC radio and is a regular contributor to trade journals, local and national Newspapers. Chris is on Linkedin Ecademy Facebook and Twitter Married to Amanda, he lives in Penzance with their children who are slowly flying the nest, his two dogs and his elderly Uncle. In his spare time; Chris likes to keep fit and is a long standing member of the Territorial Army. He is currently mobilised for a tour of duty in Afghanistan with 1 rifles as part of 3 Commando Brigade.