England’s
World Cup dream is over and the weather could be taking a turn for the worse…it
must nearly be the Summer holidays then! Traditionally these six weeks are seen
as a dead spot in the calendar when it comes to the property market and I’m
regularly being asked of late if I (as a letting agent) am quiet at the moment.
I’ve listed a stack of properties in the past fortnight and having let them all,
providing me with a plethora of move-ins to undertake in August (but nothing else
available to let as I type) the answer is no, the lettings market is as busy as
ever!
From my
experience, the lettings market is far less cyclical than sales in this regard.
Whilst certain types of property don’t follow this, such as student properties,
in general there are always tenants looking for a new home, whereas the sales
market has definite peaks and troughs throughout the year.
To illustrate
this, I took a look at how many properties were sold in Chichester
month-by-month in 2017:
At first
glance, with August having the second
most property sales, you might
conclude the Summer holidays is actually a very busy time for selling property!
Technically that’s true, but mainly for the solicitors, surveyors and mortgage
brokers getting the property transaction to completion. Bear in mind that the
time from an offer being accepted to the sale being completed (which is when
the above figures are then tallied) is likely to take 8-12 weeks. Therefore,
the estate agents work of ‘selling’ the property is done a few months prior to when
the data is recorded.
That
translates as August’s ‘sales’ being tallied in November, where 146 sales were
reported. This is the third fewest throughout the year, with just April (145)
and May (143) being marginally lower - whereby January / February would have most
likely been when the viewings were conducted and the offers accepted.
Canny buyers
could of course see the above as an opportunity. With knowledge of these
quieter times (August being one of them) it can actually be a great time to do
some haggling and negotiate a decent price for a property whilst activity is
low.
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For more tips about buying, selling, letting and renting in Chichester, please visit www.chipropertynews.co.uk
(This article was featured in the Chichester Observer's property section on July 19, 2018)
Clive Janes, CRJ Lettings
If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
E-mail me on clive@crjlettings.co.uk or call 01243 624 599.
Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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