2nd February 2019
2nd February 2019
The property market is one which is often influenced by rhetoric and soundbites, so 2019 will understandably bring some challenges. With the “B” word around the corner we expect to see more caution in the market and subsequently there are likely to be fewer transactions taking place, compared to the first quarter of last year. However, we expect this to improve as we move into the spring. House prices in our area were reduced by approximately 8-10% last year and we expect this to level off this year.
The year started well for us with a healthy number of contracts exchanging, new sales being arranged, continued requests for valuations and really busy weekends with the diary full of viewing appointments from potential purchasers. Reassuringly there are still plenty of motivated sellers and buyers.
Moving forward, prices are likely to be underpinned by the continued short supply of new property stock coming to market. With interest rates still incredibly low, first time buyers who have a 10% deposit are able to secure mortgage deals at extremely competitive rates, as are existing home owners. As confidence returns, coupled with the pent up demand, we have all the right ingredients for a healthy property market.
Encouragingly we are working with a number of local new homes developers who continue to invest in our towns. 2019 will see a substantial number of new homes launching right across the price spectrum.
Essential advice to anyone looking to sell, is of course, to choose an experienced estate agent. This is a market in which we have to work very hard to create a deal for all involved. Ineffective agents who simply list a property on the likes of Rightmove & Zoopla will not suffice. Obtaining accurate advice with regard to the pricing of your property, the ongoing marketing, pro-active communication and chain management is absolutely vital.
In summary, the fundamentals of the market remain. There are first time buyers looking to secure their first home, families looking to upsize, empty nesters looking to downsize and people relocating overseas.