The B word impasse having come to an end, a majority government ensuring a return to stability, and wider world wide economic optimism should have lead to tentative sellers going to market, after nearly 4 years of uncertainty. This was beginning to kick start supply and satisfy demand. And then came Corvid 19 and Lockdown!
The hoped for increase in supply was starting to appear before the country, and the market, went into lockdown.
The predicted V shaped recovery may turn into more of a U, but if the pre-lockdown demand that was present early this year continues the market may rebound quickly. Many people having been confined to their city homes may decide not to wait in relocating to the country, sooner rather than later, so supply yet again will dictate pricing.
Good quality, sensibly priced properties will continue to sell quickly and recently even those properties that have seemed ‘stuck’ are moving due to the increased sense of optimism.
The age old adage applies more so than ever; quality property, realistically priced, sells well; it also seems that the trend of ‘off market’ sales is continuing to be the preferred way of many Vendors who do not want to commit their property to the open market. Local knowledge and contacts and feet on the ground are therefore key in this challenging market.
For now, London prices seem to have steadied in many areas and political optimism has finally trumped Brexit uncertainty. After lockdown it is thought this will continue, and the creation of lots of new money may lead to inflation. Borrowing is still cheap, demand is great and supply is strengthening promising a time of opportunity for purchasers and sellers alike.
So in order to get the most out of the interesting times ahead it is especially important for buyers to undertake thorough preparation and research. Sound buyers with finances and legal advice in place may well be able to make good advantage of an uncertain marketplace. For further help and advice please do contact me for an informal chat on 01300 348100.