To be quite honest, I have found from past experience that people ask an estate agents opinion to find out the truth, not any made up jargon which is often the case. As a company director, I have tried to lose the 'BS' and be quite genuine with the general public which is generally helping us to attain a decent reputation in our area. In truth, the sales market is obviously not as it was previously, the buyers are still all there in their flocks and offers are still being put forward, it is just a great shame about the financial aspect. Some decent offers are being declined by surveyors of lenders and in reality, many FTB's can just not afford to purchase a property on a 25% mortgage. Until lenders get their acts together and start lending again, the lettings option will remain favorable to the younger market where they can secure a decent property on a flexible basis. The sales market has started to pick up again (most probably as we are now entering the summer period) but once again this is coming at a price... Buyers are hearing and seeing what is conveyed in the media and generally place initial offers well under asking prices which genuine sellers are now beginning to consider. Investors are generally 'nervous' to spend in the current climate and once again need to be tempted by high returns to part with their money. In summary, it is fair to say that the wildly used term 'market value' is now attaining a set level making it easier for a purchaser to know where they stand when offering and a vendor to know which price to market the property at. Generally there has been a lift in the sales market and the general public are now once again looking at the residential market as a 'sound investment.
In terms of the rental market, again in truth prices have started to slightly fall. This is especially the case in the 'high end' rental properties in our area. If landlords are willing to accept this slight dip in the rental market and slightly reduce prices, properties still let quickly. To cut a long story short, as I am sure you are all probably aware, with so many rental properties available due to people unable to sell at the price they want, the rental market is flooded and tenants can afford to be picky and offer lower amounts on asking prices. The tenant demand is still as high as ever but competition is at its greatest in terms of presentation, popularity and of course price.
Does this answer your question?