Listening to the Property Press - Is it a good thing

I've always been fascinated by the press and the power they have over the thoughts of other people.

No where is this more so than economics and property. If the press say that times are good then we think that they are good (even if there is evidence to the contrary) and vice versa. As a property services company covering multi-disciplines, Tyler Ward is in a unique position to look at how each one is performing e.g Sales, Lettings, Architectural services requested and Building jobs being worked on.

Taking this into account is there any merit in what they say. I was intrigued by this article in the mail which paints a familiar picture of doom and gloom http://goo.gl/wArHX. They suggest that property sales have fallen by 18% within one month. If that's the case then thats a staggering fall.

However unfortunately most people don't take the time to ask certain questions to validate the information they receive. In this example we would ask questions such as

a) Was the prior month exceptionally high (take a look at the same month's sales over the last few years

b) Was this months sales exceptionally low (take a look at the same month over the last few years

c) what were the regional variations

d) were there any variations in the types of property build and respective prices.

i.e 1 bed flat, 2 bed flat, 2 bed houses etc

It is the last question that intrigues me the most because thats the whole key to the market. Not only is there is a North South divide but there are massive differences in each area and for different types of property.

As Estate and Lettings with a branch in Reigate, we have 1st hand knowledge of the real shortage for family property and see for ourselves that homes in the £500k+ range go within weeks.

Likewise there has been no shortage of tenants enquiring about a luxury two bed flat we have on the market at £1200. Furthermore, any one bed flats priced realistically go within one week.

And if I told you about the number of large extensions being built, you really wouldn't believe me!!

However on the flip side, a one and two bed flat priced incorrectly for sale would happily sit on the market weeks and weeks on end.

I think the real lesson here is that you have to look beyond the headlines and look at the real variations in area and type of property. Only then can you really ascertain how good or bad the market really is for that specific locality.