MARKET INSIGHT

With the ‘cost of living crisis’ ongoing and lending rates higher than they have been for some years, the property markets are being affected.

Enquiry levels are down generally in the residential property market, and our valuers are finding reducing prices in some but not all locations depending on the type and size of property. Demand is down in the first time buyer market particularly. The RICS January 2023 Residential Market Survey found that 50% of agents are reducing prices in the South East and 65% are reporting reducing enquiry levels.

The commercial property markets are more varied and our agents are still reporting good levels of enquiries. Occupier and investor demand remains for products that are sensibly marketed. The RICS Q4 2022 Commercial Market Survey reported an expectation for decreasing office and retail rents but continued growth in the industrial property market.

Please contact our valuation team for advice on your property value and rental value.