For many sellers at the moment, the price of their property is just too high for it to ever peak the interest of the right buyers.
Melissa York has written in The Times this week that, “Buyers are sitting on their hands waiting. Waiting to catch that mythical sweet spot between interest rates falling and property prices rising. And as they wait, sellers are left competing for a dwindling pool of potential buyers.”
Reflecting on this impact on the property market both in London and the wider UK, Black Brick’s Founder, Camilla Dell shared how half of the properties our buying agency found for clients last year were not publicly advertised – and that has grown by 55% this year as the market becomes even more price-sensitive.
“Sellers can test the market. The more expensive the property, the higher the likelihood it won’t be openly available for sale. According to industry database Lonres, there are currently four properties for sale in London above £50 million and three of them are off-market.”, she said.
Read the full article here.