The goal posts in real estate continually move. One month to the next, one week to the next.
September was the busiest month in sales with over 39 sales achieved in my office alone. Come the first of October the phone stopped. The enquiry level was greatly reduced. One week later interest rates rose by 0.25%. The phone is silent.
The combined reduction in the first home owners grant plus the interest rate rise has certainly cause a short term hiatus in the market. I believe that this will not effect the market place in the long term. Already as I (one week later) write this the phone is ringing. Buyer enquiry is returning to record levels.
Stock levels (i.e. houses on the market) are low, and demand is high.