Agents have nothing to fear from market slowdown

Agents have nothing to fear from a market slowdown, an industry executive claims.

Nick Ball, head of sales and client services at transaction progression platform mio revealed that agents he has spoken with in recent weeks have reported seeing the beginning of things cooling down.

This has been echoed by house price indices and market reports showing slowing price growth and slightly lower demand.

But speaking in an exclusive Estate Agent Today video interview with Lee Dahill, Ball said there is nothing to be scared of.

He said: “We are returning to a more seasonal marketplace.

“It is July, people are going holiday, something they haven’t necessarily done over the past two years.

“In 2020, the market was buoyant as there was nothing else for people to do and they realised they wanted a change so moved.

“We are now moving to a more seasonal marketplace again.”

Ball said there are still positive fundamentals driving the market.

He added: “Interest rates are still exceptionally cheap, you have to put in the uncertainty of the fuel crisis and what is going on in the world and the political situation.

“We are going to have a new Prime Minister, which does create an element of uncertainty.

“The other thing to take into consideration is that unemployment is at a record low and the amount of jobs available is at a record high.

“When you put those factors together, there is no reason why the marketplace should harden.

“We certainly aren’t seeing that from our estate agent clients.”

Ball added that agents are still reporting achieving offers at and over asking price for vendors but said it is taking a bit longer to reach the sales agreed point.

He said: “It is a strong marketplace, listings are beginning to return and there is no reason the marketplace should grind to a halt based on the economic conditions at this moment in time.”

Watch the full video interview: