Stuart Armstrong, Sales Negotiator at Grosvenor
No, it’s not a late Grand National-related article (although some members of the Grosvenor team are still enjoying their winnings from our annual sweepstake), but a post-race rundown of the Surrey property market.
And whilst the nation’s most famous horse race has ended, another one is just beginning – the race to sell a property.
Only this week it was reported in This is Money that the number of properties for sale has hit a two-year high after sellers begin to flood back to the housing market.
Figures from Propertymark show that the housing market is making a comeback after what has been a challenging six months. Not only that, but they also suggest that the number of sales being agreed is more in line with the pre-pandemic average.
Surrey property owners in the running
So, now that we can all breathe a sigh of relief that things are beginning to return to some semblance of normality, let’s take a look at the Surrey property market – or, more to the point, the Elmbridge property market.
Over the last two weeks alone, we’ve seen valuation requests increase by an average of 20 per cent across our Cobham, Claygate and Hinchley Wood offices. We’ve also received 15 per cent more instructions during the first two weeks of April than this time last year, too.
Regardless of market conditions, estate agents generally see an uplift in spring so it’s no surprise that conditions are looking more favourable than they were, say, in December.
However, this change looks particularly favourable, and one that we believe will continue into the summer as those who chose to sit and wait after the infamous Truss-Kwarteng budget announcement decide that they’ve had enough of delaying the inevitable move.
The home straight
As a team of Elmbridge property professionals, our advice for Surrey homeowners thinking of selling their property is to not leave it too long before they take action should they want to capitalise on the hunger for new properties to come to market.
The trick is to hit that sweet spot between supply and demand. At the moment, demand is still much higher than supply – but it is growing. When supply returns to ‘normal’ levels, then there will be greater competition amongst homeowners looking to sell.
Whilst we’re not quite out of the woods, the home straight is in sight and it really won’t be long before buyers have more properties to choose from and more opportunities to negotiate.
So, to start jockeying for position and ensuring that your property is at the top of prospective buyers’ lists, get the ball rolling and book a valuation sooner rather than later.
Looking for a Surrey estate agent with a team of local, independent property experts? Contact Grosvenor to arrange a valuation of your property on any of the numbers below.