Our Chairman, Nick Leeming, provides his insight on the current property market
This month’s Rightmove House Price Index reported that the UK property market has experienced a far smaller Autumn price bounce than usual. However, that doesn’t mean that a more significant bounce isn’t on its way. The data found that the percentage of sales agreed that have fallen through so far this year is the lowest since 2015, which suggests that the market is currently being driven by must-movers. Regardless of when the UK finally leaves the EU, people need to get on with their lives; whether that’s to get married, have children or buy a house.
What have our branches seen?
Over the last six weeks Jackson-Stops’ branches have seen a strong increase in listings of high-quality stock across the country, from castles and convents to charming thatched cottages. These are priced well and are already attracting the attention of serious buyers, despite the unusual market conditions. We’re finding that these sellers are now experiencing a renewed sense of confidence in the market as they realise that waiting for the results of Brexit day has just been delaying their ability to move into their next dream home.
What do we expect to see post-Brexit?
Rightmove’s latest figures show that stock is currently lower across the nation, down by 13.5% compared to this time last year. However, once the UK does leave the EU, whether that be on 31st January or before, we expect to see an increase in listings and greater activity levels, with the prospect of a modest uplift in property prices in the new year.
What needs to be done for the property market to regain momentum?
To get the market moving properly again at all levels we need some confirmation on stamp duty, which we hope will be delivered on Budget day once Sajid Javid confirms a new date for this. Prohibitive stamp duty charges have long been a challenge for those on all rungs of the property ladder, and so both buyers and sellers will now be eagerly awaiting Government’s plans on how they will address this.
