Sales and Lettings Market Update

Summer has quickly arrived, and somehow, we are 7 months into the year!

Whilst there is a lot of uncertainty at the moment with the rising cost of living and higher interest rates, the property market remains busy in Norfolk & Suffolk. April 2022 has been the busiest since 2007 (Dataloft, HMRC), excluding last year which was exceptional as a result of Covid 19.

Although the market has cooled ever so slightly in terms of buyer activity, compared to the last ‘normal’ market of 2019, sales are still on the up with many buyers still going ahead with purchases.

The mismatch between demand and supply continues to support prices, however getting the valuation right in the first place is key to securing the sale. If properties are priced correctly, they are receiving high levels of interest and are selling for the asking price or for slightly over. Price reductions are only really needed if the valuation has been too high in the first place.

The Lettings market is continuing to thrive, with little sign of a slowdown in activity. The imbalance between high tenant demand and low numbers of properties available continues to drive growth in asking rents.

Looking ahead, it is doubtful there will be a huge drop in prices as the strong desire to move remains in the minds of many. With demand for property still high, and thousands of registered and qualified buyers, now is a good time to market your home.

If you are currently on the market or are thinking of selling or letting, call your nearest team or use our Free Instant Online Valuation tool to get an idea of what your property might be worth.