Where is the property market going in Autumn 2022

One of the hot topics at the moment, is what’s going to happen with the property market in Norwich in the long-term?

This is obviously a “crystal ball” question, but here is my two pence worth, based on experience reaching back to the early 90s.

There are usually triggers that we watch for to see a change in the marketplace.  These include viewing levels, offers, multiple offers, mortgage down valuations and good old-fashioned fall throughs, oh of course my least favourite gazundering.

 So where are we at the moment?

Well we are way past the heady days of the Covid market where most property was sold for in excess of the asking price and we often had several offers and multiple bidders!
We have now slipped into more of a standard market place,  where we have fewer viewers and fewer offers, but properties generally sell for around the asking price, within a reasonable timescale being 4 or so weeks.

We as an agent have not experienced any down valuing, that has affected sales, but I have heard of some stories that property locally has been down valued… However, you should take this with a pinch of salt, because there are still agents out there trying to win business by overvaluing in the first place!

We haven’t experienced people pulling out of transactions, other than for personal and non-economic related reasons and we certainly have not had anybody trying to renegotiate close to an exchange date to immorally take advantage of the other party.

We expect moving forward, that as we will slip into the autumn market it will continue and we do not expect prices to fluctuate dramatically.  In fact I personally predict a period of stagnation now for around 6 to 9 months where prices don’t really do much at all.

Whilst mortgage lenders are still offering the deals they are and they are still keeping 95% mortgages on the menu for Buyers the market will stride onwards and people will keep moving.

There are almost too many factors to discuss why I believe the market will hold up in the short term and if you would like to discuss any specific aspect more in depth regarding this and other economic impactors like fuel prices, petrol costs and the cost of living… We are always here to help.