Ipswich Property Market comment Winter 2009
Quarterly marketing report covering the months of October, November and December
One of the joys of working within the estate agency industry and perhaps why I have been in it for so long is the sheer unpredictability of all the factors that make up the housing market.
In 22 years I am yet to have two years on the trot where each month has performed the same in one year as the previous year. This year is certainly no different.
If there was a pattern then traditionally the fourth quarter of the year sees a slow decline in activity in both sales being agreed and fresh properties coming on to the market. This decline normally becomes noticeable about mid November and continues, increasing drastically for Christmas and New Year once you get to about 15th December.
This quarter had a very busy October and looking back at 2009 in general the months of August, September and October were definitely back to pre-slump levels in terms of activity, properties on the market, viewings made, offers put forward and ultimately sales agreed.
In 2009 we did see the traditionally noticeable slow down about the third week in November but then December came to life again and this is without doubt the busiest December I have ever experienced in those 22 years.
At time of writing this article, it is the 18th December and, if it wasn’t for the heavy snow fall we experienced last night which forced the cancellation of numerous appointments for buyers to view, I have no doubt more sales would have been agreed today, almost unheard of even in the boom time of the early to mid noughties. One day this week we made 33 viewings on properties and the number of people placing their properties on the market shows no apparent signs of abating.
From what I read in the estate agency press and certainly from what I hear locally there has been a marked decrease in the number of fresh properties coming to the market both in 2009 as a whole and particularly in the last quarter.
This again is something I have not experienced to this degree previously. I saw some recent statistics for Rightmove showing over 25% less properties on the market this year than two years ago.
This will still encompass a number of people having bought their properties in the last two or three years who cannot yet sell them due to them being worth less than what they purchased them for or due to the restraints on mortgage lending.
As the final quarter of 2009 has progressed we have seen a noticeable improvement in the easing of mortgage funds and lets hope this will continue into 2010.
A number of people have asked me my predictions for 2010 and I have equally read a number of articles and views of other professionals and experts in the field as to their predictions. Are we on the upward slope of the V or are we on the start of the downward slope of the W?
My own personal opinion is there is no apparent reason at present for the levels of activity in the Ipswich housing market to be any less than in 2009. I think a number of factors may combine for it to be slightly better and would be very pleased if that were the case.
We have the end of the stamp duty holiday up to £175,000 and the increase in VAT from the 1st January. Furthermore we do have, of course, the very unpredictable General Election coming in 2010 as well – the effect on the housing market would be almost impossible to predict. And what of HIPS? Will they be completely abandoned if the Conservatives do get in? And what of prices? I await to see with interest. One thing that I can safely say though is that looking back at 2009 I was amazed at the speed, the consistency and the actual increase in percentage terms of the Ipswich housing market and certainly will look back at the year as one of our best ever if not the best.
Let me take this opportunity to wish you all a Happy New Year. Lets look forward to 2010!
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