It’s a buyer’s market. But for how long…?

It’s clearly a buyer’s market in UK property right now — more supply, more negotiating power for purchasers, slower growth in asking prices & motivated sellers, all favouring buyers.

Here in Norfolk, the market conditions are resulting in some outstanding deals being done – way under asking or guide price, with most estate agents, especially those without their head in the sand on valuations. It’s all good news for Flint Homes clients who are sold or cash buyers. And we have struck sone fantastic deals, with the right agents guiding the seller.

But how long might this advantage last…? And what could throw a wrench in the works?

Rumours are circling Westminster & beyond of property law & tax changes in advance of the Autumn Budget (November 26), which is already influencing seller & buyer behaviour.

The market has stagnated for many sellers & agents.

There are now fewer new listings, a tidal wave of reductions & more withdrawal of properties have been observed as the market pauses in uncertainty & reels from the past few “tricky” months.

And now there’s a lot of people sitting, waiting, wishing & not acting – not putting their house on the market, not putting in offers. Not doing much at all. Hence the slowdown… & that is on top of a notoriously quiet time of year for sales, entering November & December. It’s not ideal conditions, for sellers.

But that creates opportunities… very good opportunities, as “motivated sellers” who have found where they want to go, or simply have to sell are prepared to do deals with proceed-able buyers, who are in a position of great strength. For now…

Only a selected few know what’s going to happen with the budget & its implications on the property market; nationally & here in Norfolk.

But given the current government’s vibe, it’s a fairly safe bet to assume that more taxes for affluent people are in the post to suck up. And of course that will have an effect on the property market – right across the country & here. From the top down. Or middle up, whichever way you choose to look at it.

The fear that if property tax reform comes in to replace stamp duty, or the government imposes a new annual property or even a wealth tax is causing sellers & buyers alike to hesitate.

But if/when it is introduced, however popular/unpopular it is, the world will knuckle down & keep turning. People will suck it up & get on with it. When was the last time you saw a revolution in Britain…? We’re not Italian (more’s the pity IMO)!

Looking ahead, interest rate policy & fiscal decisions in November will be pivotal. If the Chancellor introduces higher taxes on property, or signals unpredictable changes, buyer confidence could retreat. On the other hand, if the Budget is mild & interest rates ease, the balance could shift back toward sellers. Quickly. And the market could, just maybe, super-heat, as sellers & buyers flood the market & chains start connecting & deals start happening.

Analysts have already cut growth forecasts – Savills now expect just ~1 % price growth across the market this year, maybe even less here in Norfolk, where it has been slow (savills.co.uk).

The bottom line is, while buyers are in the driver’s seat today, that control might be short-lived, after a decent run.

So, our advice is simple…

If you’re considering a purchase, now may be one of your last opportunities to negotiate from a genuine position of strength & get yourself a truly fantastic deal – before the Budget or market sentiment potentially shifts the balance back to seller’s yet again.

Don’t say we didn’t warn you!

Bag a buyer’s bargain whilst you can… & we know lots of amazing deals to be had… just DM us to get started.