Despite expectations that the property market will start to slow, latest reports from Propertymark, carried out with their estate agent members, shows that a buoyant market continues.
The average number of properties for sale per member branch from the latest data was 22—in line with the average of the previous three months. Equally the average number of new potential buyers reported registering remained high at 90. So unsurprisingly, competition remains high too. 78% of survey respondents reported that most sales were agreed at or above the original asking price.
At Pennington we are seeing these trends. There is still interest from those looking at a change of lifestyle after the impact from the last couple of years. Families, especially, are still looking to make a move to places like Suffolk and I believe they always will.
We know Suffolk is a great place for families and it is also interesting to see how families with younger children relocate here and then parents or grandparents also look to move here too. Settling in Suffolk in later years definitely has appeal too, with the pace of life and quality of living that some individuals are looking for.
What we enjoy locally ticks a lot of boxes for many, especially for those looking to move away from city life the area has a great deal to offer. With the increased acceptance of working remotely and ability to work from home, more space – both indoor and outdoor – is sought and again Suffolk has great attraction.
Woodbridge is always a desirable location as are the coastal villages and in Ipswich the Waterfront continues to be a vibrant asset to the town. Many of our local restaurants and bars are thriving and we are fortunate to have a wide range of leisure, arts and other entertainment too.
There are also the commercial aspects with Felixstowe, for example, continuing to be a major factor in Suffolk’s success as one of the biggest ports in the world and contributing hugely to the local economy. The same with the booming technology sector in Suffolk, with hubs in Martlesham and stretching through to Cambridge’s innovation centres.
Hand in hand with this continued buoyancy, remain reports of lengthy waiting times from offer to exchange. Current figures in the industry show that the average time for conveyancing is 150 days, just over four months. Bearing in mind that it takes 32 days for the average house to secure a buyer, going on to the market today would mean it would be a new year and a new home.
As always, I advise that you use an accredited agent who will work with you to get prepared for sale or a purchase and reduce the chance of a fall-through.
If you have questions on this or require any advice on the local property market, please do not hesitate to contact me as I am always happy to help.