David Edwards Managing Directors - November 2016 Market Comment
The last quarter has certainly been entertaining and busy; the bounce back after Brexit has been fascinating with a flurry of property activity. I recently attended a property conference in London to get a market update and get a feel for what is happening in the wider world than North Devon. The general consensus seems to be that whilst we all absorb the potential impact of Brexit, the market will stagnate a little and maybe prices might even fall in the central London areas (only because they rose so high so quickly). The property market will see slow growth but then recover after a couple of years. Underlying demand is still good, but there is some caution. In North Devon we will see some caution but we are experiencing good demand for good quality housing. For the right product certainly good prices are being achieved. The letting market is still strong, but interestingly we saw for the first time a slight percentage drop in rental value in the last month. This might be seasonal, but we have had to reduce a couple of rents in the last couple of weeks to attract tenants.
Always happy to give advice, please contact me on 01271 342000, alternatively, [email protected]
