Shropshire housing market 'sturdy', says director
A Shropshire property expert says he is seeing a 'sturdy market' locally at present.
According to Rightmove, asking prices for homes tumbled in the biggest August fall since 2018 this month as soaring mortgage costs put buyers under pressure.
Rightmove said average new seller asking prices fell by 1.9 per cent, or £7,012, on average to £364,895 in the month,.
But Russell Griffin, Director, of Samuel Wood in Shropshire, said: “There are statistics and then there is the truth.
"On the Market is reporting a strong varsity rating 75 per cent of buyers in the West Midlands having the confidence to transact at the moment.
"The Twenty CI national residential market report is reporting an improvement of 12.8 per cent in agreed sales in our region in quarter two over quarter one.
"I always recommend reading data reports with your eyes wide open.
"I receive information almost daily suggesting all sorts of contrary trends, and market patterns.
"Shropshire as a county is made up of micro-markets, each of which has its own supply and demand dynamic depending on a myriad of factors.
"Everyone accepts that the frenzy created by the unprecedented “race for space” during and after Covid has changed in recent months, particularly with the increase in interest rates.
"We always knew the market would have to correct and normalise, it could not continue with sharp increases of house, price, inflation.
"I speak with many property professionals across Shropshire and most are reporting sturdy market conditions."
