The last couple of weeks has definitely got quieter. Usually after a bank holiday weekend the phones in the office ring constantly, coming back this last bank holiday has been strangely quiet. The reason; quiet simply the Referendum is having a slight stalling affect as investors and home buyers wait and see as to what actually happens after the vote on the 23rd June. We believe the underlying market is still very strong and once we return to normality the market will pick up again.
Interestingly Nationwide has reported a recent evidence of a slight slowdown with average house prices only creeping up by 0.2% between April and May. The Bank of England reported that mortgage approvals were also down on the annual average.
The additional reason for this slight slowdown was the surge in sales just prior to March where investors or second home owners were rushing to meet the stamp duty deadline. This brought forward a number of sales. The stamp duty in the short term will affect the market, but as time goes on we believe the underlying demand is strong, this will continue to apply pressure on prices due to lack of stock. So a few months of slow activity - but no need to worry.
