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With uncertainty looming of the property market for many months following the Brexit decision earlier this year, experts were not sure of the impact this would have on property sales and UK property trends.
What we do know from previous years is there is a seasonal trend with sales falling – this has been the case in December. However, there has been a real surprise last month with a 5.2% increase on sales agreed compared to last year.
As Miles Shipside, Rightmove director and housing market analyst comments, (full article can be found here): “For the housing market the uncertain outlook has meant a head and heart tug of war between ‘stay put’ and ‘carry on moving’. After a pause the mass-market seems to have opted firmly for the latter in most parts of the country. As we come to the end of the year these figures showing high levels of sales agreed and dwindling numbers of homes for sale give a far greater level of reassurance about the outlook for 2017 than was previously available.”
So whilst property prices are likely to follow previous years by rising in the following year, the demand is expected to continue pushing property sales throughout the UK into early 2017. Record low interest rates as well as flexible mortgage options have been major factors to help push demand, according to Shipside.
With borrowing options being much easier than previous years, would-be property owners can find themselves climbing on the property ladder. Whilst this may not have a huge impact on buyers looking to own a property in London, house prices within the North of England are considered to be much kinder to potential investors – boasting some of the lowest property prices in the UK.
In an article on how to beat the rising market earlier this month, six beautiful homes for under £100,000 were picked out with our Pearson Ferrier Wigan branch making it on the list, at number 5 – Pearson Ferrier continuing to provide ‘a property for everyone’.
The indicators for the property market in 2017 can be taken from visits to giant property portals: Rightmove and Zoopla. Rightmove reports a 9% in visitors to their websites post-Brexit, as it reports all regions with the exception of London are achieving higher levels of sales than a year ago.
Shipside goes on to say: “Given the immediate post-referendum state of shock in July, these sales agreed figures are quite remarkable, with nine out of ten regions ahead on last year. While not unexpected in the north of the country, it also includes all southern regions except London. Demand for mass-market housing remains undimmed, though buyers’ budgets are restricted and agents report that over-priced property is being shunned. Cheap and available mortgage money is a big factor in driving demand, and continuing market buoyancy next year will depend on banks remaining willing and able to lend.”
Prices are expected to rise for properties in 2017, but with the right support and targeting a specific area, you can find just the house you’re looking for.
Find the right support with Pearson Ferrier
Pearson Ferrier have been specialising in property sales since the 1990’s. Our network of professional Estate Agents are based in multiple locations nationwide and know how to sell your property – whatever the market conditions.
Speak to us today to see how we can help. Whether you’re a first time buyer or seasoned investor, Pearson Ferrier are here to provide a property for everyone.