As the new government reveals its plans for the next five years, renowned Yorkshire estate agent Claire Kendall gives her views on the market, and what may happen next.
The last three months activity in the local property market has experienced a notable uplift, with a noticeable increase in buyers and sellers confidence alike. This has translated into higher property transactions and gives way to a confident outlook for our area post-election era.
Here at Richard Kendall Estate Agent, as an independent agent who has been selling property in the Wakefield and Pontefract areas for well over 50 years, we are seeing remarkable sales figures not only in these last three months, but since the beginning of the year.
Our already impressive sales figures have outperformed previous quarters.
- Increased Activity: In our sales department alone, we arranged almost 2,500 viewings in June, up by almost 60% on the same period last year.
- Increased Sales Volume: We experienced an increase of 30% in property sales agreed in the last quarter, compared to the same period last year. This rise is attributed to a combination of our motivated marketing and an influx of new listings.
- Increased Listings: The agency saw a 25% rise in new property listings, with some areas increasing their stock by as much as 90%. Homeowners were not put off by the announcement of a general election, and we did not experience any dip in activity in the run up to 4th July.
Post Election
We see no reason to feel anything but continued optimism about post-election market conditions. Given the timing of the announcement of the election, consumers didn’t have the time to worry about the impact of the property market, and now that it is done, there is a sense of continued confidence among buyers and sellers alike.
There is a collective expectation that mortgage rates will start to reduce across the market over the next few weeks, with Nationwide and HSBC having already reduced fixed rates by up to 0.30%. All expectation will inevitably be on the Bank of England to reduce the base rate in August which in turn, could potentially lead to further reductions in fixed rates before the end of the year.
Our team throughout our local network of offices continue to work tirelessly, providing bespoke and personal service from start to finish, and the results speak for themselves.
As the market continues to evolve, the agency's proactive approach and commitment to client satisfaction will undoubtedly keep it at the forefront of Wakefield's real estate landscape.
Browse properties or speak to the experts at Richard Kendall here.
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