We had three properties up for auction this time around, and while the results were varied, there's reason to be optimistic about the market's direction.
Sold Under the Hammer: A leasehold townhouse on Cotesmore Way was successfully sold to an eager buyer. The demand was strong, proving that buyers are actively returning to the market for well-priced properties.
Unsold Properties: Unfortunately, two properties did not sell. Both are in tricky situations, but they also reflect a broader trend in the market.
Property One: This property, while it didn’t sell, drew significant interest with 5 buyers in the room. The owner is in a difficult situation, but with values starting to recover and interest rates continuing to drop, it’s likely that this property will see more favorable conditions soon. As the market picks up, more buyers will come back for reasonable properties, and the future looks brighter for this one.
Property Two: This leasehold property, facing rent review this year with a limited amount on possible income didn’t attract much attention under the hammer but with a motivated Vendor we're pulling out all the stops to get them offers.
While we saw some unsold properties, there’s a definite sense that the market is turning. Values are beginning to rise, and as interest rates continue to decrease, buyer activity will pick up. The reality is that the market can’t stay stagnant for much longer – with properties like the one on Cotesmore Way and 15 Union Street drawing strong interest, it’s clear that there are opportunities ahead and at the end of January 2025 we're certainly seeing a more bouyant year than any recent! We're feeling positive, we're feeling energised and we very much look forward to pace picking back up in the market as we return to normality with inflation finally under control and mortgage rates levelling off at a historical average.
Keep an eye out for the next round of auctions. As we move into a more positive market phase, we expect even more buyer engagement and successful outcomes.