House sales in December reach an 8-year low
By Wells_Jaqui | Friday, January 14, 2011, 14:02
The traditional December slump in house sales went a step further this year with the average estate agent nationally selling just four properties during the month.
The focus on Christmas by potential buyers, coupled with atrocious road conditions locally have been blamed – many secondary roads in Wells and especially on the Mendips, were impassable for a significant period making viewings impossible even for those who were still focused on securing the perfect property before Christmas.
Even the motivation of the significant savings on legal fees to be made by beating the VAT hike wasn’t able to combat the obstinate dominance of the weather, although one local man told us he had fortunately managed to complete all his viewings and queries just in time to complete before the increase.
He said: “We had known for some time that the VAT increase was due and the chain had tried hard to get the sales pushed through before the deadline. I should think that all the local solicitors had their noses to the grindstone in the last couple of weeks leading-up to the rise.”
A local expert suggested that the stagnation in house sales over the last few months caused by vendors expecting unrealistically high prices might result in large numbers opting to rent their properties while they wait for the market to get moving again. This will naturally lead to a glut of rental properties available locally and thus commanding a lower rental value. His advice, “If you’re thinking about renting, do it now!”