The Right Property at the Right Price?


There’s been lots of reports in the national press about house price falls and its only to be expected as mortgage rates have climbed to their highest for some years (although a number of major high street lenders have trimmed their rates back in the last couple of weeks). Locally it felt like we were a bit immune to it up to late Spring/early Summer. We had been flat rather than falling but then the significant half point increase in the bank base rate in June proved a bit of turning point. Despite all the attractions of Petersham, Ham and North Kingston, and the pull of the schools, there’s only so long you can defy gravity. So we have had to adjust asking prices and there’s generally more negotiation now over offers. But there’s still plenty of buyers if vendors are realistic or if a property is at an address where people aspire to live.  Buyers will still pay a fair price, especially for properties with potential or ones that have already been upgraded to a high standard. For example we marketed a house in Riverside Drive last week and had lots of viewings and a number of offers which were over the asking price. We’re expecting the same this week on a house with potential coming on in Petersham. It may even be that we’re nearing the top of the current interest rate cycle and things might look different generally if inflation continues to abate. For now it’s a question of getting the pricing right and there’s always buyers and sellers who want to move for one reason or another. It comes down to finding a middle ground that works for both sides.