HOUSE selling weather forecast PropCast has analysed the performance of 81,413 property sales across the South West’s 69 postcode districts to identify which are the strongest and weakest property markets for homeowners as Brexit’s October deadline looms ever closer.
The complimentary online tool has revealed 78.2% of the South West’s postcode districts are showing resilience despite political uncertainty, predicting them to see house prices rise in the next few months. Caused by various factors to include increased buyer activity, limited availability of good quality stock whilst employment and affordability remains strong, this should bring confidence to hundreds of homeowners who are unsure about whether to put their home on the market or not.
The top ten postcode districts for predicted price rises include PL35, Boscastle, Lesnewth, Trevalga as number one. Meanwhile, the top ten postcodes likely to see a price drop in the coming months include EX21, Beaworthy, at number 10.
Gavin Brazg, founder of PropCast, said: “Although the majority of the south west retain the upper hand despite Brexit uncertainty, sellers still need to position their asking price competitively against other similar properties for sale if you want to attract multiple offers and achieve the best possible price. With recent political upheaval, it’s even more vital to really ensure your estate agent is implementing the best selling strategy for your local market as buyer confidence could well be dented after the October 31 deadline. Meanwhile, buyers currently on the fence about buying in these areas should get their offers in as soon as possible — there are also some great mortgage deals to be had at the moment.
“For those in areas which are expected to see prices fall, try not to be too down heartened. There are numerous factors that can lead to drops which are usually symptomatic of each other. When buyer demand in a particular area consistently drops or houses are left on the market for too long (usually because of the decrease in demand), homeowners will often be advised to lower their house price (or their expectations) in order to make a sale. The best way for sellers to strengthen their position in a falling market is to price conservatively from the start and choose a local, trusted estate agent who truly knows the market and how best to position your home within it for a fast sale. Meanwhile, this does mark the perfect time for buyers to swoop in knowing they have the upper hand in negotiations and bag themselves a bargain so if you are selling in one of these areas, don’t forget you will be making a saving when purchasing your next home.”
PropCast measures buyer demand levels across England and Wales which helps tell sellers whether their home will be easy to sell or not, and if they are able to be ambitious with their asking prices.
Because buyer demand (relative to the available stock of properties) is a primary driver of house prices rising or falling, there is a strong correlation in weak markets between falls in buyer demand leading to a fall in house prices, and for rises in buyer demand to lead to house price increases.