Friday, 31st March 2017
The post-Brexit property market is turning into a paradox. With low interest rates, declining numbers of unemployed and an economy that appears to be on a strong path of sustained improvement things should be booming. Confidence, the lifeblood of the property market, should be surging though its heart, pumping up prices as the numbers of available properties dwindle. It should be the classic sellers’ market. Except it isn’t. Why?
The answer is that confidence is muted. Concern over Brexit is a factor. So too are the criteria needed to get a mortgage nowadays. Also there is mounting caution over major spending decisions and heightened house price-to-earnings ratios. With rising inflation affecting household incomes, house price rises could be suppressed and in some areas even reversed this year. House prices will reflect growth in households’ incomes much more closely this year rather than outstripping them.
So who does one turn to when the going gets tougher, when selling is harder and when finding a great buyer can’t simply be left to the internet (as if it ever could)? Like most things in life when you need someone to show you the way it is best to find someone who has been along that particular road before.
So if you are selling your home in 2017 here are some important points about this current market that experienced estate agents understand only too well.