The current market has seen signs of improvement from about November last year. This is mainly due to the market having fallen gently over the past three to four years and wage growth increasing over the same period. This has meant first time buyers are once again able to afford to buy locally meaning the those looking to up size are once again able to move. However, having said that the market is still sensitive and prices need to be reflective of this. Brexit is causing a minority of potential buyers to hold off from doing anything which is probably the wrong thing to do.
Once we have resolution on Brexit, irrespective of the outcome, then I forecast a large number of buyers actively looking but also a large number of properties coming to the market so keeping the current supply and demand stable meaning no upward pressure on prices. I forecast growth in line with inflation over the course of 2019 and stability beyond that.
Until Brexit has come to its natural conclusion, the reality is, that offers below expectations will be received, our advice is - don't be put off negotiation is key - listen you your agent take advice and see how it matches up to your circumstances and your next move (which could also offer a lower purchase price).
Every move comes with ups and downs and not everyone's circumstances are the same - what you save on hassle with onward chains doesn't necessarily come with a price tag! Property is a long term investment, good sound financial advice and personal circumstances should also be considered, after they can be just as important.
For more information and a no obligation valuation, please email David or Robert on firstname.lastname@example.org
Kerr and Co are delighted to inform all, clients, buyers and tenants alike that we are open as usual.
We are able to continue in the same manner we have been since May 2020 and are here to assist those looking to sell, buyer or rent a property in the Hammersmith and Shepherd’s Bush areas.
For the full Government guidance on the property market and moving home during the lockdown in England please see: here