In today’s challenging marketplace, Steve Parsons, Head of Residential Sales at andrew scott robertson, explains how to get real with your estate agent
There is no doubt that there has been a noticeable change in the property market in the second quarter of this year. The first quarter showed some spectacular results on the back of an already brisk 2013, but then almost on the day of the change into quarter two, the market did a complete about-turn as more stock came to the market and buyer numbers faded. The launch of the Mortgage Market Review (MMR) in April has introduced strict affordability tests on borrowers and led to banks tightening their belts around lending. This has resulted in a softening of house prices and a shift in the marketplace in favour of buyers.