Latest Property News
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The Importance of Choosing an Estate Agency with Commitment to Ongoing Professional Development
When it comes to selling your home, choosing the right estate agency is crucial.
Not only do you want an agency with a strong track record of success, but you also want one that is dedicated to ongoing professional development.
At Rivendell Estates we pride ourselves on the high level of professionalism of our team. Our agents are constantly updating their knowledge and skills to provide the best possible service and knowledge to our clients.
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Is Frome a Buyers’ or Sellers’ Property Market?
A Comprehensive Guide for Frome Homeowners
In the ever-changing world of Frome property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about.
These property market conditions can significantly impact your ability to buy or sell a Frome property, regardless of which side of the fence you find yourself on.
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Cautious Optimism in the Frome Property Market
As the British and Frome property market navigates the ongoing economic turmoil, many Frome homeowners and landlords may feel uncertain about the future.
However, up-to-date data suggests that the 2023 property crash predicted by the many newspapers and the usual clickbait doom-mongers in the lead-up to Christmas on social media, may not be as bad as initially thought, and there are reasons to be cautiously optimistic.
According to property website Rightmove, the average asking price of a home for sale in the UK rose by just £14 in February.
While this might sound like cause for concern, asking prices remaining flat rather than falling could be seen as a positive sign for the year ahead. Remember that they are only what people are asking (not necessarily achieving).
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Will the Cost-of-Living Crisis Mark the End of the Booming Frome Property Market?
Frome property prices have increased by 24.9% over the last two years.
Frome house prices have risen on the back of several things, including changes in how people see their homes and how they live and work (i.e., working from home), a lack of properties on the market and government tax incentives (the stamp duty holiday in 2020).
Yet, the tide could be beginning to turn as the number of houses coming on the market is increasing as supply is starting to catch up with demand - in Q1 2022, 389,811 properties came onto the market in the UK compared to 425,295 in Q2 2022. One would typically expect Q1 to be larger than Q2 in average years.
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The Shifting Frome Property Market
The Frome property market is on the cusp of a tipping point. It’s a tipping point that will influence Frome house prices, the number of properties available to buy, demand for those Frome properties and the lives of every homeowner and the property-owning buy-to-let landlords in Frome. This shift in the Frome property market is a big deal so let me explain.
What are the two vital reasons for this shift in the Frome property market?
First, the easy-going Frome property market goldmine of the past couple of years will end.
The bonanza of the Frome property market for house sellers, which was primarily fuelled by cheap money, is receding and the scales are starting to tip somewhat more in favour toward Frome buyers (which is not a bad thing - more of that later).
Secondly, and more significantly, this shift in the Frome property market is not a collapse.
