Page 4 - Glentree Review

CELEBRATING ALMOST
50
YEARS
WELCOME...
A hearty welcome again to the latest iteration of the Glentree Review.
I hope you have been able to survive the economic and political storms that have besieged all of us over the last six to nine months.
Gyrations of the Stock Market and impending recession
Up until recently, you couldn’t pick up a newspaper without being harangued by negative comment surrounding the energy crisis, higher cost of borrowing, the gyrations of the stock market and the impending recession which, in aggregate, are designed to suppress sentiments in the residential property market and drive values down by at least 10%.
Truth from the coalface is far adrift from this paralleled world
This textbook thinking became echoed by all the media sycophants and whilst it may technically, have a logic to it, the truth from the coalface, is far adrift from this paralleled world. Admittedly, the feverish activity which we experienced in the Spring and Summer of 2022, has lessened, nevertheless there are still a number of unsatisfied, unencumbered buyers looking to purchase residential property in most price ranges.
As to the effect on values, I have tried to impart - to anyone
who would listen – that notwithstanding the negative economic data, residential property values will not change, unless the supply of new properties for sale on the market increases significantly, which is not the case at present.
If they do, then buyers would then have a far greater choice and will use their newly empowered bargaining strength to negotiate values, downwards.
There is no such avalanche of new stock in the marketplace. Whilst we did have five buyers for every property for sale last summer (particularly in the Suburb
and Kenwood area) in the £1.5m-£3m range, there is still enough residual buying interest today, to sell your home successfully, at a price not far adrift from the peak.
PAGE 4 | GLENTREE REVIEW