Spring is here and the summer, hopefully with some good weather, is coming! What does this mean for the local property market?
Residential Sales Property Market Update 2019
The start of 2019 was an interesting time – with the Brexit deadline looming we saw many sellers and buyers patiently waiting for the 29th March before committing to selling and/or buying. This led to a subdued property market in which a property had to be priced attractively for it to stimulate a response and get buyers interested.
However, the long Brexit delay combined with the typically active spring season is resulting in a rejuvenated property market. Many sellers and buyers have decided to prioritise their own lives over Brexit due to the continued delays with the process and the underlying belief that a “no deal” scenario will now never transpire. This has led to more properties coming to market and more buyers viewing and offering on them. Spring and summer 2019 look set to be the most active time in the local property market since last autumn.
Value levels remain similar to those at the end of 2018. Our expert view remains that the market at present needs a property to be priced realistically for it to stimulate interest levels. We then use our knowledge and insight to source the right buyer for each home at the best price.
In a realistic market buyers need to be given reassurance that they are making the right decision and with our trading history in the area and having worked through all types of market conditions we are able to provide this.
The Market Historically
The local market reached its previous height in 2007 before dropping in 2008/9. In 2010 the market started to recover and values had increased to equal the peak of 2007 by the second half of 2011. Property values then continued to rise until 2016 and the Brexit vote. Over the 24months across 2017/18 prices steadily decreased by 7%.
Yearly Price Movement