Potential home buyers and sellers should always take media reports of property market booms and crashes with a pinch of salt.
Yes, this information may come from surveys or national statistics, but how reflective is it of your area?
The media talks of the property market as if it were just one market. If this was the case, then when the price market increased or decreased by, let’s say, 10% surely all of the 1.3 million properties on the property market would be subject to the same change of value.
This is obviously not the case as property values vary widely across the country. The price of the property you are looking to buy or sell will be far more influenced by local factors than it is to be influenced by national trends.
Even once a property is on the market it is possible for the asking price to fluctuate. If your property goes on to a market with few properties with a similar spec, you might find yourself if a strong position. If however, there is a glut of similar properties on the market, your home will have to be priced competitively.
The price of the property may even have to drop if it was unique when it first came on to the market, but then was followed by a range of similar properties. The same property could sell at a variation of thousands of pounds, depending when it is on the market.