This article was written by Kelvin Francis from Kelvin Francis Estate Agents– our exclusive estate agents in Cardiff. Keep reading to read the answer to the question, “Will the market fall back?”
In the face of the high level of inflation and rising interest rates, it is not unreasonable to anticipate some fall back in the market.
However, it is our experience being on the ground, that this is not happening. Undoubtedly, the extreme pressure on purchasers has moderated, but that is good news. There is now more time to find your ideal property, to consider the purchase carefully and to be able to submit a sensible offer for consideration.
The average prices that we have agreed on sales are still slightly in excess of 100% of the asking prices, but more sellers are prepared to take a realistic approach and will consider reasonable offers. The laws of supply and demand still mean that the more attractive properties in favoured locations, are generating much interest and achieving full figures, but it is fair to say that overall the panic has receded.
If you are selling and buying, the level of values will equate relatively, so there is no reason to be concerned. Most commentators agree that whilst the rate of increase in property prices is reducing, that we are nowhere near a fall.
If therefore it suits your needs to move at this time, do not feel restrained from doing so.
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.