I hope this brief market update finds you well and that you have had, or will soon have, a chance to pause and recharge over the summer.
I’ve spent much of the past few months in Bristol and the surrounding areas, assisting with a number of property searches. With that in mind, I wanted to share a short update highlighting some of the key market trends and observations that I have seen on the ground …
Bristol tends to feel noticeably quieter during the summer months, as students and families head off for their holidays and market activity naturally slows. Many prospective sellers delay listing their properties until September, while buyers often wait to see what opportunities emerge in the autumn. That said, life rarely adheres to ideal timings. We have continued to see a steady flow of properties coming to the market, along with a number of motivated buyers actively looking to secure a purchase – ideally before the new school term commences, or more realistically, in time for Christmas, given the current pace of the conveyancing process.
In Bristol, we have observed a notable number of larger homes being listed since late spring, many of which are being sold by downsizers or by executors handling estates where the properties have been held for 40 to 50 years. While generally habitable, these homes often require extensive renovation to meet the expectations and standards of today’s buyers.
Broadly speaking, several of the aforementioned properties have entered the market with asking prices that appear overly ambitious – often driven more by seller or executor expectations than by estate agents’ guidance. As a result, many have remained on the market far longer than they likely would have, had pricing been more aligned with current market conditions.
In recent weeks, we have seen a wave of price adjustments, with motivated sellers coming to terms with the fact that, particularly for properties in need of modernisation, the market is less buoyant than it was during the immediate post-pandemic period three to four years ago.
An adjustment in price expectations has, as a result, given rise to opportunities for buyers, particularly those who are immediately proceedable, chain free and can see the potential to add value and create a home to their own specification.
Conversely, we have seen other properties – typically those that appeal to a broad range of purchasers, in fantastic locations that achieve a tremendous level of interest and have sold under ‘best bid’ scenarios within just days of being marketed, if indeed they reach the open market at all.
From recent conversations with several estate agents, it appears we can expect to see a continued trend of properties being quietly introduced to a select group of proceedable buyers and buying agents, ahead of any formal marketing which may take place in September.
As always, it’s important to recognise that the property market is inherently complex and influenced by a wide range of factors, including location, property type, price point, and the unique circumstances of both buyers and sellers. These elements shape individual motivations and ultimately affect the agreed-upon price.
Engaging an independent buying agent with deep, first-hand knowledge of the local market, and trusted relationships with key estate agents, can offer a distinct strategic advantage. With access to off-market opportunities and nuanced insights rarely available to the wider market, a well-connected agent can streamline the acquisition process, protect your time, and secure the right property on the best possible terms.
If you are considering buying or selling a property and would like honest, independent advice, with absolutely no obligation – please do not hesitate to get in touch. You can reach me via my website at www.strangandco.com or by email at charlotte@strangandco.com. I’d be delighted to assist you.
Charlotte Strang
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