STEADY sales in East and West Sussex are eating away at stocks — buyers must now scramble after the few remaining good-quality homes. As a result, prices are inching upwards. Sellers, however, are warned that buyers have been scouring the market for some time and will not pay over the odds for run-of-the-mill property.
West Sussex is popular with commuters and property here is pricier — the average home costs £40,000 more than in East Sussex. The market over the past year has proved laborious as London buyers struggled to sell, but transactions in the autumn rose strongly. Sellers must still endure a lot of viewings as homes spend long stints on agents’ shelves.
Prices in East Sussex dipped more than in West Sussex, but sellers are attracting offers closer to the asking price. Demand has not increased as strongly as in West Sussex, but agents report that buyers are more prepared to commit than before.
Agents are confident that 2004 will start well, because they are busy valuing homes in time for early next year.
EAST SUSSEX AGENTS SAY:
Two things are important in this market: convincing sellers to set sensible prices and talking to buyers regularly
There are few first-time buyers, and buyers in the £500,000 to £1 million bracket are coming in with low bids
There are more first-time buyers and the outlook is better, but it's hard to put a finger on the market
WEST SUSSEX AGENTS SAY:
The market is quietly strong — buyers are very selective and fewer sales are falling through. New instructions are tailing off
Character properties are getting better offers than modern homes. Prices are stable and buyers more willing to commit
The supply of homes is thinning as the market is gearing down towards the end of the year, but it is stilll steady as she goes