As our Director Andrew's recent stint on Cotswold Radio proved, one thing is for sure. . . we love to talk about the property market, and what it’s going to do in the future. That’s because, aside from the emotional investment, there’s an awful lot of financial investment, so whilst we love to buy and feather our nests, we equally like to nurture our assets and future security. So, we talk of the economy, globally and at home. We talk of politics and of war in Europe, of consumer confidence in the wake of rising costs of living and a potential global food crisis. And that great hot potato – inflation. The UK economy grew by 0.5% in May, having shrunk in the two months prior - good news amidst such global volatility. Yet energy prices may well increase again come the Autumn, putting more pressure on households. The point is, with all this “headwind”, the comparatively short supply in the face of continuing demand continues to underpin robust prices in both sales and lettings, and a very brisk market pace. Even with the economic pressures, forecasters anticipate that we will continue to see positive house price growth over the course of the year. The average price of a home is now nearly £47,000 more than in March 2020. This compares to a rise of less than £9,000 in the two years previously. For anything fresh to the sales market and priced correctly, the asking price is the minimum standard, and our Moreton office's last three sales in Stretton, Shipston and Mickleton were all agreed at 2% over their asking price. Our Bourton office's last three sales - one in Little Rissington and two in Upper Rissington - were all agreed at just over 6% of asking price on average. The lettings market shows no sign of abating with multiple offers on every property and always over the asking price. Within this ongoing trend we find that the most exceptional offers come from those who have missed out on other properties several time over. The most in demand properties? Those in catchment for good schools. That is a very clear indication of the volume of people still relocating their families in the wake of Covid. So, there are a few soundbites for you next dinner party. If you want an anecdote, you'll have to speak to one of our experts. The good news is they are very friendly and always willing to help.
