13 Feb The Housing Market – What’s Going On?
Are you wondering how to react to the current housing market?
There are quite a few people who are BOBs (Bored of Brexit) these days and whilst the politicians continue to feed us with doom and gloom news on the economy, the property market continues to hold its nerve and has been very resilient. There is still good news out there. Interest rates remain exceptionally low and there is no expectation that they will rise anytime soon. This is lending itself to excellent opportunities for the FTBs (First time buyers) whose numbers have risen consistently over the past few months. This helps push the market forward.
So how should you react in the current market conditions? From an estate agents’ point of view, houses are still selling, but it is harder work to sell than a year ago. You have to be more inventive when it comes to marketing and you have to be at the top of your game. There is no room for complacency or leaving the portals to sell your property for you. It is about creating a strategy for each and every one of the properties. There are still lots of GOWIs (Get on with Its) out there choosing to buy and sell property, as there is still positive activity in the market today.
On the other hand, renting has become more affordable in 2018 thanks to a combination of a once-in-a-decade fall in annual rents and wage inflation, according to The Deposit Protection Service (DPS). 2018 was the first calendar year since the global financial crisis of 2008 that average rents decreased in the UK, with the percentage of wages spent on rents dropping 0.5% to 31%, according to The DPS Rent IndexTM. Wages increased on average by 2.83%, according to ONS data between January and December 2018. The rental market remains buoyant, motivated by a lack of stock in a lot of areas and people without the means to get on the property market.
So, what should you do if you decide to sell or let your property in this market? The most important thing is to find a progressive estate agent, one who is prepared to put in the extra work needed to find you a good quality buyer and progress your chain forward to a successful outcome. Don’t be afraid to ask the important question, what is their strategy for getting you sold or let.
For a free market appraisal of your property to either sell or let please contact us.
Place Estate Agents
Tel 01494 873663