Stacks Market Comment

Some of the questions we are being asked – and the answers we are giving:

Should I buy now or go into rented and buy later?

  • Usually, but not now – we are generally advising people both selling and buying to act within the same political or economic cycle.

Is it a good time to be a buy-to-let investor?

  • Yes – hunt for bargains. Oversupply of new-build.  Expect rents to go up.

Is it a good time to be a first-time buyer?

  • Yes

Is Stamp Duty going to go down?

  • No

Is it the right time to buy?

  • If you need to move, yes, and negotiate fairly, having put yourself in a good position.

Is it the right time to sell?

  • Some people think the market is going to crash, but it’s a good time to be selling due a shortage of good stock.

Are prices plummeting?

  • No – very, very stable market.

Will I get a bargain?

  • There are some bargains about. You have got to be a cash buyer.  Some people want to be out before Brexit.

Should I wait and hope for a better bargain?

  • Get active, look at property, and if you find what you want, and you can afford it, buy it.

Will hard or soft Brexit make a difference?

  • All that is needed is a decision.

Will extension of Article 50 or referendum make a difference?

  • Just a delay of a few months, which in property terms is next week, so no.

We are about to have a baby, should we buy in Ireland?

  • Better to find an Irish ancestor.

Prospect of leaving EU with a deal will give the market joy.

 

For BOTH buyers and sellers, there will be opportunities out here.

Across the country, there’s huge unsatisfied demand.

We reckon that there are over six million households living in the wrong property, many because they are anxious about moving home in these politically and economically uncertain times.

There are any number of reasons that many home-owners will continue to do nothing and stay put.

But the smart money will be on those buyers and sellers who see a stable market, despite uncertainty, with good opportunities for negotiation.

The market will continue to be thin, with a lack of stock in parts.

One thing is for sure – prices are going nowhere, having dropped in London and the SE, and remaining stagnant in the West and the Midlands.

Buyers at the upper-middle/top end of the market are now accepting the ‘new normal’ Stamp Duty rates – and vendors are going to have to continue to adjust their prices accordingly.  This will make a big difference to the upper-middle end of the Country market, and we are already seeing signs of movement and increased transactions.

Historically the property market stagnates temporarily as we wait for general elections, Budgets, and other major political events. But since the Hung Parliament of 2010 we have been in a permanent state of political flux, and there is no end in sight, with no real resolution to the Brexit issue for possibly several years.

Of course, it’s not these events in themselves that stop people buying and selling; it’s the fear of the unknown, which might affect finances, jobs and property prices.

Fear makes us more tentative.

For those who, have a real need and/or real desire to buy, or sell and buy, our best advice is to accept that abnormal is the new normal and start the process.

The alternative is to go on putting your life on hold for years.

The market will be relatively stable, and there will plenty of opportunity for good negotiation.

To discuss your plans, please contact us or speak to our local offices across the UK.

If you would like the Stacks Team to help you with your property search, please call 01594 842880 or fill in the form below.

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Financial Times

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