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By: Alexander Vine of Divine Property Search
Chaos, destruction... a mess. Words that described the election, depending upon your political persuasion, with the victor still very much undecided- much like the property market. Who’s won? The vendor or the purchaser? Well, it is likely we will now enter into a softer Brexit, which will please the City and already the Pound has regained its’ losses.
The election aftermath has ensured it’s likely interest rates will remain the same, with some suggesting a decrease. This is excellent for buyers, not so good for savers with suggestions that buyers and savers could turn back towards the property market as a safe haven for their money.
It is still expected house prices will increase around 3% year on year as a mean, with areas like Streatham exceeding this figure.
What about Landlord changes? Yes, there are some significant changes in tax relief, however with demand still hugely outstripping supply, the property market is increasing and presents buyers and sellers with good returns on their investment compared to a bank.
On the Friday we woke up early, ready to field calls from our nervous buyers. We waited. We waited. None of them called. This shows the change in the property market. Buyers are purchasing properties with more longevity. Gone are the buyers looking to purchase for 3 - 4 years. Buyers are now looking to purchase a property for 10 years, and it is this change which has put areas like Streatham on the map.
This said, and it was true prior to the election, the market is sensitive. Properties must come to market at the right, and not an inflated price, or it will show on the viewing numbers. This is a direct reflection on the market, but also information at buyers’ fingertips.
Portals now offer buyers a multitude of information: how long it has been on the market; what the seller bought the property for, and so forth. However, don’t be disillusioned by this; when you get a buyer at your door, they have come armed with everything they need to make you an offer – AND, are expecting to do so!
It is then your Agent’s job to extract that offer, so choose wisely! To conclude, who has won? Neither, it is business as usual.
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