Looking back at 2018, the property market was looking good in the last quarter. Despite the uncertainty of Brexit, political instability and more stringent mortgage regulations, the final quarter of 2018 saw a rise in agreed property sales. There was also a 2.9% increase on housing prices in the east of England, which may not be as much as previous years or even other locations, it is still an increase. Looking back on the last 5 years, the housing prices have increased by 30.7% in Norfolk alone, with the most sought after property type being detached properties.
Another plus, is that we have seen an increase in first time buyers. There are now 52% more first time buyers than 5 years ago, which means there are more people getting themselves on the property ladder than ever before. From research, this is due to the stamp duty / tax changes the government implemented on second homes, which created a decrease in buy to let investors, but increased the amount of properties available to the First Time Buyer’s market. This also goes hand in hand with the governments Help to Buy scheme, giving first time buyers a helping hand in getting a mortgage.
So what does this all mean for 2019? Looking back on a blog we done previously (published 14th March 2017), the most Brexit appears to have done is maybe given people a moment’s hesitation before continuing with their plans. We ourselves haven’t seen a significant decrease in people looking to purchase a property (new applicants continue to be up year on year) or even in home owners looks for valuations. It appears that people are airing on the side of caution, but still continuing with theirs onward plans.
All in all, from what we can see if a property is priced sensibly, it will continue to sell and gain genuine interest, which means that even with the looming Brexit deal date, there appears to be no need to hold off your property marketing, you just need to be sensible with the pricing. Do your own research into estimate prices within the area and what makes your home more appealing to potential purchasers and think carefully when choosing an estate agent, whilst we all like to save money where we can, the cheapest agent may not be the best agent or provide the best service for you. With the average sale now taking 95 days to achieve (up from 92) in 2018, it is important to choose a company who can provide a bespoke service based upon your needs, requirements and expectations.
To find out what your property is worth and how we can help you sell your home, contact us on 01603 618618.
Information for this blog has been sampled from the following EDP 24 article: https://www.edp24.co.uk/edp-property/what-has-2019-got-in-store-for-the-property-market-1-5810659. Figures have also been taken from Zoopla.