Page 42 - The Negotiator Mag 52pp

Regional report
Each month we visit three agents across the country to discover what
is happening in their local market. This month we meet members of The Guild of Property Professionals
in East Sussex coast, Wareham in Dorset and Clapham in London
EAST SUSSEX COAST
JOHN BRAY
Colin Darbyshire
Sales and Marketing Manager
www.johnbray.uk
STATS
Increase in volume of properties on the market: 50%+ Averagesalepricein2022:£300,000 Averagetimetolet:7days
Having experienced a booming property market in 2021, fuelled by the stamp duty holiday, 2022 has continued in that vein up until now. The market is experiencing some volatility and change as a direct result of conflict, interest rate rises and the cost of living. There are other factors at play, which we see being both a sales and lettings agent. Average rents have increased significantly due to limited stock, up 9.5 per cent compared to last year, which is in part a result of the diminishing benefits and increasing demands on landlords. Landlords are selling more properties as a result combined with a strong sales market.
Regionally in the Hastings, St Leonards and Bexhill postcodes, the average annual rate of price change is 16.9 per cent, based on our latest Guild Regional Dataloft Report, with many properties experiencing much higher. Our numbers are showing an increase in available stock so far this month, which suggests vendors looking to capitalise on a strong market before we experience a change in the market. However, increased stock means greater buyer choice and therefore switching the market in the favour of buyers. This will have an impact on sale prices. Right now, the number of weekly property listings are up and down, but May experienced the second busiest week for numbers of new listings.
Continuing strong demand
We have yet to see how the rest of the year will play out, but right now, Hastings and surrounding areas continue to see strong demand, with families continuing to buy into the area. We feel this will continue over following six months and through the summer further pushing sale prices, but at a more conservative rate, plateauing as we hit autumn.
The cost of living, interest rates, tightened mortgage requirements and global economics will ultimately hit the property market. Borrowing however, is still cheaper than it was five years ago, so for the fortunate, the ability to sell a two-bedroom flat in London and be able to purchase a three or four-bedroom house for the same kind of money and be able to cut commuting costs by working at home is a bonus.
Moving into the Autumn, as market conditions change, vendors will need to carefully consider their choice of estate agent more carefully in terms of end-to-end service levels, quality of marketing and compliance.
Featured property: Elphinstone Road, Hastings OIEO £490,000 www.thenegotiator.co.uk
28/07/2022
CLAPHAM
DORSET
42 AUGUST2022 TN0822_42-43 Regional Report glfin.indd 1
EAST SUSSEX
12:44
SALES AND LETS