Date Published 09 August 2023
The property market and particularly mortgage rates don't seem to have been out of the news for the last few months and in Marlborough while we have been busy we have also seen this reflected in a slight shift in the typical buyer and indeed seller.
In recent months and despite the news we have had a busy time in sales with some properties still attracting early offers to take them out of the market and some still attracting multiple bids. Many of these bids are from mortgage free buyers which have always made up quite a proportion of the market around Marlborough as it has always been a popular destination for those retiring and down sizing in addition to the younger or family buyer. The proportion of mortgage free buyers does seem to be increasing though as those buyers with mortgages either tighten their budgets or are staying where they are.
We have also recently seen more sales enquiries from landlords considering selling their investment properties and these range from smaller town centre cottages to larger 4 and 5 bed houses both in town and in the villages. Some of these sellers were the accidental landlords, while some are consolidating portfolios, while for some a change in circumstances is sometimes given as the reason. An increase in the number of previously let properties coming on to the sales market is making the rental market even fiercer than it has been in recent years as the supply of rental property is not meeting demand.
However, while some landlords may be considering selling, the fact is that there are still not enough houses either in the town or in the surrounding villages to satisfy buyers demand and this is keeping the market around Marlborough quite buoyant. Even in August which is traditionally quiet as people are on holiday or looking after children or grandchildren we are "busier than we would expect" at this time of year. There are exceptions and there are houses both on the market with us and other agents that are reasonably priced and yet because some of them have been on the market a while, buyers tend to pass over them preferring to view a property that is new to the market. If you are considering a purchase in the area I would always recommend talking to the estate agent in the town about their existing properties - it may well be that your next home is already available and it may just be worth a viewing.
It will be very interesting to see what the autumn market brings for the houses we are marketing and those that we are already preparing details for. We are confident that a good property that is marketed properly will continue to sell well and we are looking forward to the coming months before the market again traditionally slows as peoples thoughts turn towards Christmas.
Pictured is The Old Stables in Collingbourne Kingston which we have just started marketing. Guide price £900,000.
