Expert property advice from team at Savills

The seemingly insatiable demand seen during the Covid years gave way to a patchy period in which economic and political uncertainty, coupled with a challenging economic climate, prompted many to think twice about making a move.

Residential property expert, Peter Daborn is director and head of residential sales at Savills in Shropshire.

He said: “In May, we had our best month this year for agreeing new sales – a reflection of the positive market conditions here in Shropshire."

But what does positive look like in the sales market?

Peter said: "Firstly, there is a lot more choice than there was this time last year when so many sellers were choosing to sit tight, and this in turn has encouraged more people to register with us.

“Secondly, buyer and seller expectations are much more aligned than they have been, which means the path towards a sale is more straightforward.”

Peter added: “Our client survey in March showed a degree of ambivalence at the top end of the housing market, with 79 per cent of respondents saying it had no impact whatsoever on their commitment to move over the next 12 months.

“The election came sooner than many of us had anticipated, creating a clear path for both buyers and sellers to make informed decisions.

"The outcome of the election is unlikely to have a significant bearing on activity during the remainder of the year.

“It is affordability – and specifically the pace and scale of interest rate cuts – that will play the greatest role in shaping the mainstream sales market.

"The 2.3 per cent fall in headline inflation in the year to April indicates two or three bank base rate cuts this year, and this is likely to mean mortgage markets remain relatively stable in the short term, with the prospect of lower borrowing costs as the year progresses."

Peter shared his advice to sellers in the current market.

“First and foremost, the market is active and homes across the Shropshire – particularly those that are ‘best in class’ – are selling well. Values are holding up, albeit given the wide variety of homes available for sale, accurate pricing remains key to success.

"When thinking about price, it is well worth spending time looking at other properties that you may be competing with – your agent will be able to help with this.”

And what about buyers? Peter advises: ‘Take advantage of the choice that is on offer but don’t be afraid of making a decision. If you are looking to fund your purchase, there are plenty of good options.

"Now is a good time to buy so when you see a home you love, put your best foot forward.”