Good news for the buyer. There is plenty of property across the whole spectrum - cottages, farmhouses with land and top end property both on and off market. Some of these properties are not finding buyers at the asking price. Everything you see and read in the papers in this past week would not necessarily be true of the areas I cover - Dorset, Devon, Somerset and south Wiltshire. It has been said that there is more and more property coming onto the market which in turn is driving prices down. This is not entirely the case but there are signs of a slow down in buyer enquiries and activity. I know this as I spend a lot of time talking with agents, solicitors and banks both in a professional capacity and as a property search agent. I'm also actively trying to find and buy property for clients. The message coming through loud and clear is that many deals are falling through for two main reasons. First, people feel prices are going to fall and pull out and second, people can't raise the debt. In the first case I would not recommend pulling out of the purchase of your dream home. You might be able to renegotiate downwards or get it for less at a later date but you might lose it all together and, as many do, kick yourself when 6 months or further down the line you still have found nothing. Recently I heard of an agreed sale where prior to exchange the purchaser dropped the offer by £200,000 for no good reason. The consequence of this action was the vendor rightly declined the revised offer and further has refused to talk any further.
I also know that due to the slow down and possible fall in prices agents are strongly recommending sellers look at taking offers. Prior to this I witnessed many price reductions taking place.
What I am trying to say is now is a very good time to get out there and start looking for that property and buy it.
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