Consumer confidence is crucial to the health and stability of the housing market, we know this, having traded as a high street firm of estate agents for over 30 years, these are testing times. Although I don’t have a crystal ball, but after a turbulent 3 years the market is stable and showing signs of recovery especially in this part of London, despite all the political and economic setbacks and press speculation and scaremongering.
The biggest concern to home owners and the most commonly ask question we have been asked over the past 12 months is “Will prices recover after Brexit?” Followed closely by “Is this a good time to buy?” Despite the delay to the Brexit process and the up and coming General Election there is still a feeling of stability amongst buyers in Shepherd’s Bush and Hammersmith. As the pre-eminent firm of local estate agents in W12 and W6 we can only speak and comment on our performance. From this we are able to show that property sales have remained stable and our lettings and management department alone have grown over the past 12 months by 40%. We do expect a marked improvement in prevailing conditions post Brexit with more active buyers looking to further their lives.
This growing confidence has been confirmed by this month’s Zoopla’s Cities House Price Index report which shows evidence that London is showing signs of a comeback with prices up 1% after a 2-year stalemate. These recent figures revealed that current homeowners remain confident with 81% of the population expecting property value increases in their area over the next six months, particularly after Brexit. Irrespective our sales department advises strongly that those looking to sell, should choose a reputable Agent with genuine local knowledge and listen carefully to their advice, especially as buyers have a wide choice of properties.
In areas we cover, we alone have a number of highly motivated buyers on our data base who see the current climate as an opportunity looking for their next home, confident that now is the right time to make a purchase.
For those vendors looking for a swift sale we strongly advise that they select their Agent through recommendation and past experience selling in these current market conditions, as sensible valuations can make or break a house move. At the moment prices are stable, so for those who are looking to move up the property ladder selling now is affordable with low interest rates and an excellent first-time buyer market who are helping fuel the lower end of the market.
So, in answer to the many questions and in the words of Susan Jeffers book ‘Feel the Fear and do it Anyway ’ there is never a right time to buy - don’t put your life on hold, there still a strong demand for housing to before you buy or sell invest in the right professional agent and advice!