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12 Whats On

SUSSEX LOCAL Why can’t I sell my house?

Monthly property column from Chartered Surveyor Chris Ennis FRICS

These are difficult times for the housing market

– as difficult as 2008 following the peak property values in 2007. Over the last year or two, values have dropped and may fall further for the rest of this year. Some pundits say it might be up to 10 years before values reach 2007 levels – others say prices will begin a rise in 2012, who knows? Why has this happened? – well, there are a

number of reasons: first-time buyers are finding it very difficult to enter the property market since mortgage lenders are being very choosy and seeking high deposits. The status of buyers is coming under more scrutiny and the older, “self- certified” mortgages are no longer available. There are many distressed sales occurring, i.e. where mortgagees repossess and sell on the open market at the best price they can get. We hear daily about ‘cutbacks’ and major job losses throughout the country – all causes of uncertainty, and in uncertain times potential buyers stay put. Both vendors and purchasers have to be

flexible and sensible with regard to pricing and offers. Vendors can’t expect to get the high prices

that were achieved a year or two ago, and a purchaser must make a reasonable offer based on their ability to proceed. So now how about some good news? Property

will still sell if the price is right and the condition sound. A good Estate Agent helps, and I am pleased to recommend the opening of a new Estate Agency in Salvington, which will be run by a long-term colleague of mine. The agency covers the sale of property all over town but in particular in the Salvington, High Salvington and Findon areas. I know that all my readers will be well looked after by Mr Ian Watkins, who will be pleased to offer a substantial reduction in fees to any client who rings as a result of this article. Initially, his clients will not pay VAT and this,

combined with a 20% discount on his normal fee, will generate substantial savings on any sale arranged. Ian’s new phone number is 01903 262676 and both he and his assistant Lynn, await your call.

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