Crank Peach News

Housing Market Review – what is the housing market REALLY like?

After one of the most difficult periods, certainly in the last 12 years, the Bank of England finally acknowledged that the 5 previous interest rate rises had put more than a reasonable brake on house price inflation. The market became extremely sluggish from mid August, coincidentally following from the August 9th sub prime crash in the USA. In reality, the introduction of Home Information Packs, reducing the supply of homes entering the market, coupled with The Northern Rock crisis and the uncertainty over a general election, caused a great deal of nervousness for all.

Thankfully, the interest rate cut in December coupled with the seasonal uplift after Christmas, could lead to a busier January – March period, often the best quarter for selling homes in recent years. With Home Information Packs now mandatory for all homes coming onto the market, there can be no reason for home owners to hold back from listing their property as early as possible in the New Year. Interest rates may come down further in the first quarter of 2008, good news for first time buyers and for those whose fixed rate deals are coming to an end.

January has already seen a significant upturn in the level of enquiries, both from prospective buyers putting their names on to our mailing list and prospective sellers, putting their homes onto the market with us to sell. We are finding most sellers prepared to take our advice on a suitable asking price, although the number of homes we are turning away has increased slightly where vendors are being artificially bouyed up by estate agents offering over optimistic valuations that do not relate to the more sluggish conditions.

The new lettings and management department has seen frenzied activity, with lots of applicants registering to view homes, many of these properties being let within days and in some cases, within hours of being listed. Fortunately we are attracting many new landlords, though more are needed to meet growing demand.

Crank Peach Energie, the new department carrying out EPC's for Crank Peach and other estate agents locally, is frantically busy, because every new house coming on to the market now, needs an EPC at the outset, for inclusion in the HIP.

Crank Peach Florida is seeing the benefit of the 3/4% interest rate cut announced by the Federal Reserve at the end of January 08. After initially slow enquiry levels, these have jumped as more buyers realise what excellent value homes in Florida now are.

Crank Peach & Co has been nominated to enter the Estate Agents of the Year 2008 competition, having last won this in 2005 and we continue to take pride in offering the highest service standards in the industry locally.

Watch this space for further updates, or contact any of our branches.

The Partners, Crank Peach & Co

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Crank Peach & Company Head Office 14 Market Street Disley Stockport Cheshire SK12 2AA Click here for map & directions by Google Maps

Telephone   Within UK 01663 766788 Fax   Within UK 01663 766722

Email info@CrankPeach.co.uk Web www.CrankPeach.co.uk www.CrankPeachFlorida.com

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