Jackson-Stops Chester - property market update, December 2023
From the JS Chester Office we cover a wide area from mid-Cheshire across to Wirral, and on into Wales across to Anglesey and down to the Dovey Estuary.
The property market has experienced many challenges during 2023, but overall has been relatively resilient to the various ‘headwinds’. The doom and gloom predictions from certain quarters in the autumn 2022 of a pending crash have, to date, not materialised, but it is fair to say the market has certainly slowed. Significant changes in the mortgage market have unquestionably had an effect on buyers’ purchasing power, and in turn the volume of transactions, but the limited supply of quality property available has helped support values.
In a market which is more price sensitive than previous years, it is apparent that realistic pricing supported by high quality presentation and sound advice are vital to achieving success. Below are three examples of sales in the last few months, which help serve to illustrate that demand exists for properties in prime locations.
Near Tarporley, a family home for over 50 years and two generations was sold in excess of the guide price of £1.15M following competitive bidding.
In Wirral near Neston, a charming former lodge and been immaculately restored and extended including a magnificent underground indoor swimming pool. An unusual property needing careful marketing and presentation.
In Anglesey overlooking the Menai Strait, a sale of a lovely period home which also exceeded the guide price of £1.5M, to allow the vendor to downsize having owned the property for over half her life.
Quite how the market will fare into 2024 remains to be seen, particularly with a General Election on the horizon. ‘Much the same’ is as likely as anything, with buyers exercising caution but willing and able to commit when a property becomes available which meets with most of their requirements. We shall see…
