Brexit has been triggered by the Prime Minister Teresa May, but what does leaving the European Union next March really mean for the UK homeowners?
In The Sunday Times last week, David Smith, economics editor, wrote of the effect that leaving Europe may have across our country and in particular our housing market. ‘There are circumstances in which house prices would fall, not by a third, but by more’ and it is thought this will flow throughout the UK, not only London prices. ‘Prices in London are predicted to fall gradually for three years, and to do little more than stagnate by 2023. The southeast is also set for a flat period, while rises are predicted in the northeast, Yorkshire, Humberside and Scotland, although even there predicted annual growth is only 2% or so.’
Lucian Cook, head of UK residential research at Savills, believes the biggest impact of Brexit is in confidence in the market. Whilst housing prices may not fall the number of sales may well reduce with fewer people looking to either buy or sell. Savills housing forecast is for weak growth next year in the prime market with Scotland sharing the highest predicted growth with South England and Wales of 1.5%.
With so much uncertainty and house values not set to rise significantly, we anticipate that the winter market will be unusual again this year. Last year house sales were strong right up until Christmas in some areas and then took off again very early in the Spring, with a lull in the later Spring market. We are certainly suggesting to clients that it is not worth waiting to get a potentially better sale next Spring. If you are determined to sell, then now is as good a time to go to market as any other is likely to be in the next year or so.
To achieve the best sale, it is even more critical than ever for vendors and agents to get the marketing right. Appointing the right agent, one who is going to work hard to find a buyer by making phone calls, talking to potential buyers and doing guided viewings, is crucial to achieving a sale. We often advise clients not to go with someone offering a cheap fee but only doing an online listing and then keeping their fingers crossed. You get what you pay for with estate agents as in any other walk of life. And, of course, getting the presentation of a property right before listing is the key to saleability. There will always be buyers around but most are currently in a position of being able to choose, and will buy the best house they can get with their money.
If you are selling in the near future spending a small amount of your guide price, which can be as little as 0.8%, on professional presentation can help you to attract viewings and achieve your asking price or more. We have many great success stories this year of helping vendors achieve ‘over asking’ offers by putting in some time and, a little investment up front.
We can assist with decluttering, decorating, repairs, furniture rental, professional presentation and professional photography to give your property the best chance at quickly achieving the asking price or more.
For more information, please contact us on: 01332 987740 alternatively please email firstname.lastname@example.org
Sources: The Sunday Times Home 23rd September 2018