Much to our surprise, 2022 started with a bang with a record number of new listings from our office in George V Avenue. The demand was still exceptionally high with multiple offers coming in on almost every property that came to the market.

This trend continued throughout the whole of the first quarter with the number of sales matching similar levels to the unprecedented market we saw the year before. On the rental side of the business, we have been fortunate enough to obtain a lovely portfolio of properties from a landlord which has gone a long way to increasing our ever growing lettings business.

The rental market has been an exceptionally busy place to be for quite some years now and it seems the demand is still what appears to be at an all time high. We listed a fabulous newly converted development in West Worthing consisting of 7 beautiful one and two bedroom apartments ranging from £975 per month to £1,650 per month. Within 48 hours of the launch, we received over 90 viewing requests and subsequently enough applications to fill four times the amount of properties available!

Quarter two continued at the same pace still with demand outstripping supply in both the sales and rental market. Our diaries were consistently packed and still in most cases multiple offers were coming in after the first week of viewings. It was during this time when the initial concern for the hike in energy prices began to circulate. However, from our experience, this didn’t seem to be causing too much of an impact on activity at that stage.

It was however, during quarter two, we saw our first hike in interest rates which inevitably has an impact on buyers and sellers with mortgages. This increase came coupled with a host of negativity in the press with the increase in the cost of living and the already mentioned increase in energy bills. The market still stood incredibly strong and there were still plenty of first time buyers, buy to let investors and general family movers still making positive moves.

Fast forward a few months and we had ourselves a new prime minister, further interest rate rises and an ever-negative outlook from the national press.

Fear not! From an agency insight, the market is still very buoyant and we are still selling and renting almost all properties that come to the market. Our advice to anyone considering moving in the current market are as follows:

·         Be realistic on asking price as anything overpriced will struggle to obtain viewings.

·         Consult a financial advisor when obtaining a mortgage. Now more than ever their knowledge and expertise is required to help with changing rates

·         Don’t be put off by the negative news in the press, the market is still very active

·         Instruct an independent estate agent, preferably with two James’ in the company name…