What can I say for a market comment surrounded by Brexit and now an Election. Not a lot of good news there for the property industry at the moment!
On a positive side we do still seem to have a lot of people looking still for property, the only problem is the vendors seem to be reluctant to move. Maybe thinking the market is quiet. They might be right now with the looming events, but underlying I am of the opinion that once all has been sorted and the world still carries on that the market will see some activity.
In the office it has gone quieter the last few days, but just recently before that we have seen sales still happening with good offers being achieved. The rental market is very strong with a shortage of property. The government certainly seem to have made things worse for the ordinary renter, with less property available and rents naturally increasing as Landlords quit the market due to a burden of restriction and regulation. More need for an agent nowadays to look after your property.
The RICS does report a slow down in the market with the current uncertainty and a likely drop in prices of 5% Nationally. We are of the opinion that this average will be fuelled mostly by London and N Devon will remain relatively static. The house at a right price will still sell as buyers are still in abundance.
So what are the ‘experts’ saying: Halifax for Septembers report - “Annual house price growth slowed somewhat in September, rising by just 1.1% over the last year. Whilst this is lowest level of growth since April 2013, it remains in keeping with the predominantly flat trend we’ve seen in recent months. “Underlying market indicators, including completed sales and mortgages approvals, continue to be broadly stable. Meanwhile for buyers, important affordability measures – such as wage growth and interest rates – still look favourable. “Looking ahead, we expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists.”
Any queries please contact David Edwards MRICS on [email protected]