This summer has certainly been a heat blast! Working inside an office with a shirt and a tie has not been the easiest, but its been great to see the area in all the sunshine. When the weathers like it has been it seems a waste of time and money to go elsewhere. If only it is always like this!
As a result the market has been a bit funny with people finding others things to do in the sun and the house move is not a priority. The number of houses coming onto the market is still limited, but actually for the right property at the right price we have seen a great deal of activity, last month was actually busy with sales. We are finding that although viewings are not plentiful they are very targeted, as a result we have seen sales occur after one or two viewings. We expect more of the same for the next few months then the usual quite Christmas period.
The letting market is going to seem some changes. There has been a trend for reluctant landlords to sell, as a result we are seeing a shortage of rental property in the area, this is also being reported nationally. We have been letting property in days! It might in some cases favour the first time buyer, but others who choose to rent are missing out and paying higher rents.
Nationally reports from the Halifax and the RICS are that the property market is a little subdued with some house prices falling in certain areas, for the first time since 2013. London is predicted to fall for the next 12 months, as prices rose so fast there was always likely to be a correction. General National feeling is that there is underlying optimism. So when matters are sorted with Brexit, people will feel keener to move and be more realistic on prices. The upper market seems to be the worst affected with big price drops required for some properties above £500 000. There will still be uncertainty whilst we sort out Brexit with a return of confidence shortly after.
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