Shortage of New Instructions

Todd Gaston, Resident Director at the Christchurch Office reports ongoing widespread shortages of new instructions entering the market place which has had the effect of uplifting prices by approximately 6% over the last six months.

"Unfortunately a lot of prospective Vendors and a number of less scrupulous Estate Agents seem to think it is 'boom time' again - the latter appear to be hell bent on securing instructions at almost any price. We are seeing some properties entering the market at figures of up to 15% above their value in December! It remains to be seen if the current improvement in prices is sustainable but we are definitely not seeing market beating prices being achieved. We are increasingly seeing more sophisticated buyers who are well informed and, whilst happy to pay what they percieve to be market value, will not pay over the odds. We can, unfortunately, foresee a situation arising where large numbers of overpriced properties will remain on the market for many months with a much smaller element of readily saleable stock being sold. A 'stand off' will inevitably develop whereby sellers will not be prepared to sell at open market value and buyers therefore will not be prepared to commit, which we fear could cause stagnation. The message is clear - get your price right and you will sell, get it wrong and you're in it for the long haul!" Todd will be pleased to provide an initial appraisal, without obligation, for anyone contemplating a sale or who are currently marketing their property through another agency without success.