April Property Market Insight from Carl Warden, Bell Ingram’s Head of Estate Agency

Last month’s outlook in the property market showed a glimmer of positivity, but one significant issue continues to linger: prospective buyers are hesitating to list their properties. Despite signs of inflation aligning with the Bank of England’s forecasts and the potential stabilisation or even decrease of interest rates in the near future, caution remains the dominant sentiment among buyers.

The primary concerns revolve around two key areas:

Buyer Hesitation: Many potential buyers are delaying putting their properties on the market until they find the perfect fit. This reluctance contributes to a stagnant market, where properties remain unsold for extended periods.

Seller Caution: Understandably, sellers are wary of negotiating or accepting offers from buyers who haven’t yet sold their own properties or begun marketing them. This cautious approach often leads to ‘chain-linked’ sales, where deals fall through and chains break down.

The question arises: why accept an offer contingent on another sale? Sellers find themselves in a precarious position when they accept such offers, only to withdraw their property from the market and become vulnerable to circumstances beyond their control. The market’s stability hinges on the return of committed buyers and sellers, ensuring confidence and continuity.

Contrary to popular belief, properties don’t always sell quickly in the current market. While it’s true for some, others may languish for months, necessitating price adjustments to maintain interest.

Professional guidance remains crucial in navigating this complex market. Estate agents are well-equipped to offer support and expertise, assisting both buyers and sellers in negotiating the uncertainties of the market.

Looking ahead, despite the challenges, optimism prevails for 2024. Confidence stems from firsthand experiences within the current market dynamics.

In conclusion, while challenges persist in the property market, opportunities abound for those willing to adapt and seek professional guidance. Let’s strive for a market characterised by confidence and stability as we move forward.