We can report that the market is changing. The numbers of properties coming onto the market are increasing, but they are taking a longer time to sell. Demand has perceptibly decreased, at least following an initial flurry of interest at the outset and if a sale isn’t agreed at an early stage, it is starting to be a longer process. Unfortunately, some Vendors (Sellers) are a little slow to accept these changing conditions and are rejecting early offers against professional advice and sometimes living to regret this decision, further on.
Offers now are rarely above asking prices, although still close enough to them, commonly 97% to 99% of the asking figures.
The good news is that properties are still selling and are coming onto the market in increasing numbers. This is because in these times of cost-of-living inflation and some uncertainty in the stock market, residential property provides a solid investment of sustainable value.
Kelvin Francis was born in Birmingham, but brought up in Cardiff. He attended Cardiff High School and then qualified as a Chartered Surveyor. He worked in Wrexham with the District Valuer (part of the Inland Revenue) and subsequently moved into Estate Agency, working in Abingdon, Cheltenham and Cardiff. In 1978 he opened his own office in Cyncoed, Cardiff and has been in that practice for 44 years. He has two daughters and three grandchildren. He is actively involved in the business and believes in both modern technology for improved efficiency, but passionately believes in the importance of personal service and to achieve this, to work with highest quality of colleagues.