On the blog today we chat with Bromley Property Company Director, Lewis McKale, about the current property market as we start 2024, how to market your property successfully, and what makes BPC different from other local agents!
What is the property market currently like in the Bromley area, and/or in the UK as a whole?
The market is starting to recover after what was a very difficult 2023. Interest being constantly on the rise last year meant that buyers’ confidence was dented, and it led to people not wanting to offer enough to tempt buyers into selling, making it very difficult to agree sales. Now that the interest rates have settled and some lenders are lowering rates, it has led to buyers being more comfortable and knowing where they stand with the market, meaning sales are starting to agree again on a more regular basis.
How do you market a property well in the current climate?
The price has to be correct. As an agent we have to be honest and firm with sellers about what price to market for. There is little point in marketing a property for an inflated price and hope to achieve lots of viewings. Buyers aren’t silly and they know the market, therefore they will mostly wait for a property to be marketed at the correct market value before arranging a viewing.
Any advice for buyers and sellers who might be thinking of taking the plunge in 2024?
Sellers need to understand that the market has dropped so they aren’t likely to reach the sort of prices achieved in 2020-2021. However, they won’t be paying those prices on their onward purchase either so it’s all relative. Buyers should just make sure if they see a property that they like that they are paying the right money and not to delay offering, as there are more and more buyers entering the market again so things are starting to move more quickly.
What do you think sets Bromley Property Company apart from other local agents?
Our knowledge and service, everyone that works for the business has lived in Bromley for a long time so they have an unparalleled knowledge of the area. We use WhatsApp to stay connected with our vendors (if they wish), so we are always available immediately when clients want to contact us, but most importantly people like working with us! We are not stereotypical estate agents, so we don’t incur some of the problems that other more traditional agents do with their service. Check out our google and Facebook reviews to see what people say about us!
Any predictions for the housing marketing going forward?
Hopefully now that things appeared to have settled with the interest rates in terms of upwards movement, we are going to be in for a much better year. If I had a crystal ball it would be amazing, but I’m certainly a lot more optimistic this year than I was last year, onwards and upwards I think!
Thanks, Lewis! You can read more property news, insights and advice, over on the Bromley Property Company blog.
