Without sounding too heavy, economic change and major sporting events will always have an effect on the market place. The fact we are currently looking at a General Election, the overhanging Brexit issue and of course winter setting in, one might expect this to create the ‘perfect storm’ for a poor market place! and there is no doubt that properties in the higher price bands are significantly more affected by the current economic status than those at the lower levels.
Certainly, at the moment we are seeing quick results on one or two bedroom flats and smaller homes that enter the market place under the £200,000 mark, especially those that are closer to the £100,000 mark which is within reach of first time buyers and the prolific investors who are still keen to purchase and extend their portfolios.
Im not saying that properties above £200,00 are not selling… but there does seem to be significant biased towards the lower end of the market. We’ve seen excellent results with properties at the mid-range £300,00 and £400,000 brackets but it is only fair to point out that these properties have been in exceptional condition and exceptional property will always buck the market trends.
Moving forward, I anticipate that as we enter and pass through mid-December the market will very much slow down and dependent upon the economic results of the imminent election and Brexit situation, we may see a new and fresh market in the new century.
I would like to take this opportunity to wish all current and future clients a very Merry Christmas and a Happy New Year.