A strong summer of sales in Colnbrook


25 Aug A strong summer of sales in Colnbrook

This year while house prices across the nation were expected to drop over the summer months, there hasn’t been a significant price drop in our area, if at all, considering the cost of everything else is still on the rise. Buyers and sellers are still confident that they will complete within the next 3 months. The ‘new normal’ continues to be an elevated version of the pre-pandemic market.

If you’re looking for a property to rent or buy in Slough and the surrounding area now, make sure you give the leading estate agents in Colnbrook a call on 01753 683000or email us and we’ll help you find your next home.

Buyers and sellers still confident they’ll move

While interest rates and cost of living is still on the rise, experts say that the price of property in some areas came down in line with expectations of previous years over the summer period (except for the crazy times in the middle of Covid-19 lockdowns!) and not due to the increases in living cost putting them off. People over July and August can become distracted by the summer break and may not be interested in spending their time looking at properties or having people review theirs, they are busy taking trips away, enjoying the hot days at home or they have already moved and are getting settled in for the new school term. Sellers who are keen to move quickly and are aiming to be in a new home by autumn may reduce their asking price in order to secure a deal and get things moving now, while others are holding out at asking price and waiting for the right buyer to come along. Properties that are SSTC within 30 days of first being advertised for sale is recording higher now compared to the summer of 2021.

Is there going to be a property crash this year?

There is speculation that the housing market could take a real nose dive this year, with high interest rates combined with households adjusting to afford the rising energy and fuel costs and talk of a recession. The Bank of England base rate has increased again, now to 1.75%, with inflation warned to be 13% or higher by the end of the year. However, the demand for properties is still higher than the number of homes available to purchase. People are still looking to move house and we are finding that prices are very much staying the same, if not increasing based on the number of competitive buyers looking for property. Increasing mortgage rates and cost pressures aren’t putting everyone off, with many still looking for a change in lifestyle so a slowdown in nationwide house prices, or similar prices being maintained, is looking more likely in the near future than a financial crash.

Is now a good time to move?

In short – the answer is YES! Last year was described as a ‘seller’s market’ with the competition for homes outweighing the supply of homes available and house prices skyrocketing. This year, it is very much the same. If you decide to sell your home your chances of finding a buyer are still very good as the demand for property is still higher than property available. If you’ve got property to sell it may pay to make the move this year before interest rates or costs of living increase further. With the interest rates likely to increase it may be a good idea to lock into a mortgage now and look for a bargain within the current market. Experts are still forecasting positive house price growth in to 2023.

Thinking of selling?

If you’re not yet on the market now is a good time to start preparing your home. Summer is a great time for DIY, clearing out the clutter, sprucing up the paintwork or making amends to the garden and getting your photographs taken while the days are brighter. More homes tend to come onto the market again in the autumn with more people actively looking and aiming for a move date in the new year. Get in touch today and we will provide a valuation on your property and provide expert advice on how you can increase the value of your property.

Thinking of buying?

If you’re looking to buy now is a good time to get a mortgage in principle, start budgeting and see what your finances will allow you to afford. We have a number of homes available and we are able to help you to find that dream home that fits within your budget.  Contact us today and we will be happy to show you around some of the great properties we have available. Also, it is a great time to let us know what you are looking for so we can be in touch as soon as something new comes onto our books.

Contact Us

If you are looking for your next property in Slough or the surrounding areas, we are the leading independent letting agents in Colnbrook and are location experts. So, contact us on 01753 683000 or email us. You can also follow us on Facebook,  LinkedIn, and Instagram.