Reports this week claim that the London property bubble might be shrinking, with Rightmove reporting a 2.9% drop in asking prices across the country, but what does this mean for the rest of us?
Certainly in Winchester we’ve seen things slowing up in the last few weeks – all to be expected during the typically quiet school holidays. Nevertheless, the ‘sellers market frenzy’ where houses were regularly being sold well over the asking price has noticeably calmed down. More properties are starting to come on sale as sellers follow the momentum of the market, yet with the stricter mortgage criteria released in April, less buyers are now able to get in on the act.
For buyers who can get a mortgage, this is positive news as they now have slightly more of a choice in the Winchester area, especially in the £600k+ properties and those outside the city centre.
But buyers shouldn’t get complacent yet; the market is still considerably more buoyant than other parts of the country and popular properties are getting snapped up quickly. You need to keep your eye on the ball if you’re looking to move – or ask ScoutBee to be your eyes instead..!