Local Market Comment
Drew Bowler, Manager of the Tadworth Office, says the New Year market has started in a typical brisk fashion, with pent-up demand following the Christmas period, we have had an influx of new applicants eager to find a new home. There is a shortage of available stock on the market in the local area; however we have seen a good increase in valuations, which is a good barometer of future instruction levels.
Mark Carney, the governor of the Bank of England, only last week suggested a delay as to when interest rates will rise. There has been a major shift in opinion from early this year to late 2016 or even into 2017. This has made the mortgage lending market very competitive, with the lenders becoming more flexible in their lending criteria, subject to loan to value size, and certainly some very competitive fixed rate deals.
With the three factors of high demand, low stock levels and competitive fixed rate money put together it is not unusual for buyers to be competing over property. This is resulting in multiple offers being received at, or even above, asking price. If you are contemplating a move in 2016 please phone for a free, no obligation market appraisal. You may be surprised at the current figures being achieved.