The market in minutes

This week we had an offer of £250,000 for a property that was originally on the market for £365,000 and is now on at £269,995. The offer was rejected because it was still below the market value, even in this market, but you wouldn’t have seen such a comparatively low offer a few months ago.

Pam Choules, sales manager,

Christies Estate Agent

Sussex

I certainly seem to be taking more calls from the media than I do from buyers these days, which speaks volumes!

There is certainly a lack of buyers at the moment, which means there is more property on the market, which means buyers can be picky and sellers must be patient.

How long do I think it will go on for? Well if I knew that I’d be an investor and not an estate agent, but I will say one thing. The media coverage is turning this into something of a self-fulfilling prophecy in that it is speculating it will last for two years, and in turn people then become nervous and won’t even consider buying for at least that period of time, thereby prolonging the uncertainty.

David Beaken, senior negotiator,

Bonetts Estate Agents

Kent

The market in Kent and, more specifically, in Canterbury has suffered, in a similar but not identical vein, to the rest of the country. Whereas it is not inconceivable that other areas have seen price slow down in the order of 10-15 per cent, Canterbury has experienced a decrease in the level of activity. Prices have also taken a plunge. I would suggest that the Canterbury market has fallen by up to five per cent.

Interestingly, we have noticed that viewings in the Canterbury office have reduced by approximately 60 per cent, but sales are only down by 10-15 per cent.  It therefore appears that the number of buyers has dropped, but the quality remains high.

Martin S Jordan, director, for Humberts