September Market Comment 2018

What shame that that glorious summer is nearly over! Some fabulous days and nights very much enjoyed by all. We did sometimes feel that the house moving process was relegated as a priority whilst we had the lovely weather. As a result the latter weeks of August were fairly quiet for Estate Agents.
We are hopeful there will be a resurgence of activity as we are move into September as people come back from their holidays and wish to make a move before Christmas. There is of course the Brexit question which does seem to be having an impact on the market. Lets hope for some positive news on this shortly. London prices continue to fall, although from a very over inflated height! The NAEA Property Mark reports that only a fifth of properties sold in recent months achieved the asking price. The number of sales agreed on a month to month basis also decreased as there is evidence of a slowing market. So all not 100% positive news being sent out at the moment. However we shall see what happens this September, July and August are always traditionally quiet months anyway.
In the second hand market buyers are finding it hard to find their ideal home. For the quality second home market, a lot of properties are not coming to the market. We have applicants on our books who have been looking for several months! So I would still encourage buyers thinking of selling a good quality home, not to be concerned, there is almost certainly a buyer out there for you lovely 3-4 bed detached house! The new homes market however is different, there has been a vast amount of building over the last year with several new homes available.
As usual Halifax market reports are always interesting; the last report was July, so a bit out of date, but then house prices still rising, with an annual change of 3.3% reported. I suspect the next couple of months the growth will be reduced.
Employment figures are still good, so no real reason for caution. Confidence should be good, but I suspect we won’t see any real movement until Brexit gets a little clearer. The opposite side is the letting market, still good demand and low supply of housing.
Any questions re the housing market or help with your property email me on [email protected].
David Edwards BSc MRICS