Market Update

Posted on Friday, August 30, 2019

September will see the schools reopen and our daily traffic levels increase. It will also see people retuning to work after the holiday period and, for many, thoughts turn to making a property move ahead of 2020 which, staggeringly, is only four months away.

Brexit is left, right and centre of the political agenda again with Boris Johnson promising an exit from the EU by October 31st and politicians of all parties and persuasions continuing to support, rail against or simply sit on the fence. Your guess as to the eventual outcome is as good as mine but, irrespective, life will go on and I am confident that, despite choppy waters ahead, we will ultimately sail a course that allows everyone to succeed with the possibility of tax cuts and incentives counter balancing any of the worst economic fears.

So we enter the autumn period without the stability that all markets crave. However, there remains a significant desire to own one’s own home although the numbers of people who are now choosing to rent as a lifestyle “tenure of choice” has increased.

Housebuilding is up but still falls short of required levels and the balances between supply and demand across all sectors continues to maintain property prices. Whilst there has been some adjustment in certain markets and there is “price sensitivity,” there is also sufficient demand to ensure that property sales and lets continue at steady levels. Certainly those who want, or need, to move, are finding that they can do so and with mortgage rates continuing at historic low levels, affordability is actually improving.

Transactions are however taking longer to complete. More rigorous criteria being imposed by lenders and conveyancers are often being particularly pedantic on resolving any issues from their pre-contract checks, especially on leasehold property.

If you are thinking of selling, it is advisable to get your property on the market well ahead of your planned move date and also to instruct a conveyancer at that stage in order that a “pack” of information can be collated and provide d to a buyer as soon as they are secured. This is particularly true of leasehold properties where information from a managing agent or residents association may be required.

If you are thinking of selling, speak to our sales team and they will be delighted to advise you about every aspect of making a successful move.

Lettings remains strong and there are some signs of rents moving upwards following the introduction of the ban on tenant fees. The ability of tenants to move more easily and cheaply may see greater movement in the market although the trend is generally for tenants to want to secure a property for a longer period.

Well managed and well-maintained properties continue to attract the best rents and the best quality tenants. Our lettings team will be pleased to advise you on the best options for your property.

As always, the team and ourselves are here to use our knowledge, experience and skill to help you achieve your moving goals. We know the local market, we have experienced many market changes in the past and have the skills to do the best for you.

Yours

 

Darren Murphy and Chris Harper

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