Lifestyle factors still determine our property choices – despite Brexit uncertainty
We’ve heard a lot of doom and gloom about (and yes, we’re going to mention that dreaded word) Brexit. In the property industry, experts are queuing up to issue warnings of uncertain times ahead – particularly in light of the recent High Court ruling that MPs must now vote to trigger Article 50.
We’re told that we may face a snap general election, while our currency is less than stable.
It is also true that lack of clarity about how and when Brexit will take place isn’t exactly helpful. In a sense, we’re entering the unknown.
Still, it’s at times like these when it serves us well to look behind the headlines. For a start, trends in the property market are nearly always taken from a London perspective, without due regard given to regional variations. And, regardless of Brexit uncertainty, we’re confident lifestyle factors will still determine our property choices.
So what is the current state of the property market?
According to the latest UK Residential Market Survey from the Royal Institute of Chartered Surveyors, with the exception of London, agreed sales in October slightly improved in comparison with the previous month. Meanwhile, survey respondents in the West Midlands and North West reported a modest growth in house prices.
There is, however, a reported shortage of supply. Fewer instructions mean greater demand, which in turn affects price.
Which leads us on to our next point. Despite all the predictions, people will always get married, have children, move in together and aspire to create a home where they feel safe and secure. There is, and always will be, demand for good quality, value-for-money homes and we’re fortunate that our region has those in abundance.
In our area, house prices continue to rise gently – yet still remain affordable. The latest figures from the Land Registry show that the average house price in the North West is currently £151,489 – compared with the English national average of £235,573.
Business as usual
That all said, if you are a buyer or seller feeling less than confident about the property market, it’s important to use an estate agent who is trustworthy, honest and has your best interests at heart.
Now more than ever, you should be looking for great customer service and an established company experienced in a variety of different economic conditions. Don’t just go for the cheap and cheerful option. Make sure your estate agent has the resources and local expertise to push your property through to completion.
Here at Redrose, we’ve been through periods of political and financial change before and as a result, we’re able to offer the best advice, support and guidance.
For us, it’s very much a case of business as usual.
Would you like a free market appraisal? Just get in touch with the team on 01257 547061.