Liam Gretton

Is it a Buyers Market or a Sellers Market Right Now?

Two people agreeing on a deal for a new property

The UK property market at this current time has developed a significant debate, are we currently in a buyers or sellers market? You may be unsure of what the best decision is to make for you as the UK housing market continues to evolve.

Understanding the concept of real estate is just as important whether you are looking to buy or sell property. We understand the difficulties the housing market can often bring and we want to help answer the debate of whether the market is a buyers or sellers market. To find out more continue reading.

 

Should I be Buying or Selling Property?

As the property market has continued to evolve and with factors such as mortgage rates reducing, this has encouraged more property buyers to enter the market. Even though the current market favours property buyers, there are still current ways to benefit from also selling property.

However, in this current market you should focus mainly on buying property rather than selling as many factors in the real estate market are currently in its favour. The process of buying property often involves working with your local estate agent. This provides you with the guidance you need to find the right property for you.

It’s important to have a good understanding of the characteristics and what occurs in a buyers and sellers market. This will help improve your understanding of the property market and ensure that you are always up to date with the current trends.

 

How to Determine if You’re in a Buyer’s or Seller’s Market

Before looking into the current trends and conditions in the UK real estate market, it’s important to identify the difference between a buyer and seller market.

 

  • Buyers Market: A buyers market often occurs when there are more properties for sale than buyers. This gives buyers the upper hand in the market typically with negotiations, leading to much lower prices.
  • Sellers Market: This type of market is often when there is a lower availability for property, giving them the advantage. This typically helps sellers increase the prices of real estate and receive better offers on their property.

 

Property Market Trends in the UK

The current UK property is influenced by various trends and it is important to be aware of these trends as both a buyer and seller in the market. How many trends are there in the UK and how will they impact me? Some of the current trends are influenced by economic, social, or policy-driven factors.

Here are some of the current trends in more detail, identifying who they favour more in the real estate market.

 

The Increase of Interest Rates

A market trend that has significantly influenced the market for buyers and sellers is the recent rise in interest rates over the past years. When working in the property market, understanding interest rates is essential when making financial decisions as it is common for these rates to often fluctuate.

 

Who does it favour?

The increase in interest rates typically favours property buyers in the UK market. As the cost of borrowing money has increased there is much less competition for buying real estate property. As a buyer this is a trend to look out for, this will give you more negotiating power in the market and help you purchase property much easier.

 

Inflation and the Cost of Living Crisis

Inflation is constantly on the rise and is becoming a common trend in the property market, impacting both buyers and sellers. This rise has led to a cost of living crisis in the UK making it more expensive for people to live in their own homes.

The current rise in energy bills, food prices, and other costs is making it more difficult for people to save. This current trend significantly benefits property buyers, especially the ones who are financially stable.

 

Who does this favour?

The cost of living crisis is a major factor in the UK right now making it harder for property sellers to benefit. Sellers are being forced to lower their house price to attract buyers, giving property buyers an advantage in the market.

 

What can sellers in a buyers’ market do?

The current real estate market favours property buyers, making it very difficult for sellers. However, as a property seller, don’t let this impact you; there are always new strategies to adopt that you can benefit from.

Being realistic in the current market is essential, as setting competitive and reasonable ask prices can help attract potential buyers. Overpricing can lead to your property being overlooked; however, presenting the property in the best possible way will help you attract attention to your property whilst operating in a buyer’s market.

 

Finding Your Dream Home

At Liam Gretton, we help clients across the Wirral area to help them find their dream home. We encourage you to work closely with our team of experts who are passionate estate agents and are dedicated to helping you find your next home.

Our team has worked with a wide range of clients over the years and they are passionate about continuing to do so. If you are looking to purchase property on the Wirral we have the experience, work ethic, and unique techniques that set us apart from others in the industry to help you find your perfect home.

To start your journey of finding your perfect home, please get in touch with us today!

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