Covering Thames Ditton, Long Ditton and Surbiton.
The market locally continues to frustrate buyers with consistent supply and demand issues. Local sellers have motivation and reason to move up and down the property ladder but with the continued lack of stock these potential sellers are unsure about marketing and accepting offers on their homes when there are so few houses they wish to view themselves. Prospective sellers looking to upsize find themselves in a positive position having significant equity in their properties now with recent house price rises but realising quickly the house they want locally has also risen and now largely unaffordable. This creates a delayed move for this demographic of seller and instead staying put and extending to add value to their homes and create enough room whilst they hope to be able to afford the next rung up the ladder.
Properties locally are taking on average 4 weeks to receive an acceptable offer, with the bulk of our buyers coming from London. First time buyers often have significant help with deposits from their parents with budgets between £400,000 and £750,000.
There is a great deal of speculation about the looming referendum. I feel prices either way will stay strong locally, by simple laws of supply and demand alone. I expect buyer and seller confidence to return to the market after June 23rd.