Figures recently published by HM Land Rgistry have compared the property market of today with that of 10 years ago. Whilst there are regional variations, the Welsh dynamic is one of the greatest change. Surprisingly, there are now 65% less properties being sold. In simple terms, there are 65% less properties coming on to the market. Whilst the initial reaction is one of “Oh, that’s a disaster!”, when you actually digest the figures, this is what it actually means: property prices will not crash in South Wales, because there is a shortage of properties coming onto the market. It is still the case that well-presented, sensibly priced (for the location) properies are selling.
What could be regarded as a disaster for some, is that the large, high-street estate agent whose costs are continuing to rise, are faced with a smaller amount of transactions, therefore they have to double the level of business just to stand still. Thus increasing the ‘pile ’em high, sell ’em cheap’ attitude.
It is now more important than ever to choose a professional, independent estate agent, who is working for the benefit of their clients.