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A new normal evolving in the residential property market

With the turbulence in the political and financial markets over the past eight weeks, along with the last two years of post-Covid market madness, many people are asking where we currently find our local property market.

Graham Wood, Agency Associate Director advises that it’s not all doom and gloom as some of the national press are reporting.  The sales market has calmed down for sure and feels like something we may consider to be typical in a pre-Covid market, with October and November sales still steady, and ongoing transactions looking to complete before Christmas.  Serious buyers and sellers are working together to achieve the same goals, and new instructions are generating plenty of interest from quality buyers.  Mortgage experts are helping those who require financial advice, and the feedback is often positive, and not what they were dreading to hear.  Levels of registered interest are good and those who are considering selling should be encouraged by the numbers of active buyers who have registered recently.

The rental market also appears to be returning to more typical market conditions. The levels of activity and availability feels normal and certainly calmer than the crazy scramble for tenants witnessed over the last 2 years.

Graham states, “I’m sure the majority of us would prefer to turn the clock back to the more stable markets of pre-Covid times, and it does feel very much like we are heading that way.  We are still busy talking with plenty of owners looking and planning to move soon. Sales and rentals are still happening at the right price with good buyers and tenants who are looking for good value, as they have always done. Of course, markets never stay still, and we should never work on speculation – always deal with the facts. For those still feeling a little nervous with all the negative press, I believe the answer is simply to speak to your local agents and find out what is really going on in your local property market.”

GSC Grays has 4 agency branches across the north of England in Stokesley, Barnard Castle, Boroughbridge and Leyburn. Visit our estate agency pages for more information on the services we offer.

Article by

Graham Wood
Agency Associate

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