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Right Time to Sell?

Sunday, July 16, 2017

This week the BBC reorted that estate agents have the lowest stock of homes for 40 years. They stated that the UK housing market is in a state of lethargy, according to property surveyors, with estate agents reporting the lowest stock of properties for nearly 40 years. But could this be a good thing? Well if you are selling your house it may just work in your favour. Less competition always has it's benefits.

Members of the Royal Institution of Chartered Surveyors (RICS) said the market might continue "flatlining" for a while.
New instructions in June fell for the 16th month in a row. The average number of homes on the books of estate agents fell to 42.5 - the lowest number since the survey started in January 1978.

"Political uncertainty" was given by 44% of surveyors as the main reason for the pessimism - nearly double the number who blamed Brexit. Simon Rubinsohn, RICS' chief economist, said that uncertainty seemed to be "exerting itself on transaction levels, which are flat-lining, and may continue to do so for a while, particularly given the ongoing challenge presented by the low level of stock on the market".

Separately, the Bank of England's latest Credit Conditions Survey of banks and building societies has suggested that home buyers could find it trickier to find mortgage deals with low deposits in the months ahead. The survey found lenders were likely to rein in lending as they become more cautious about the state of the economy. Lenders expect a slight reduction in mortgage availability to house buyers with deposits of less than 25%, and "in particular" those with a deposit of below 10%.

However, as with all things there are different sides to the story. For example last week, the Halifax, Britain's largest lender, reported that prices fell by 1% in June, with annual growth slipping to 2.6% but the RICS survey suggests that property values actually rose during the month. However, that hides an increasing regional divide in price growth. Five years ago, prices in the south of the country were roaring ahead of prices in the north, but now there has been a reversal.

Our personal experience? Business is good. We have lots of people who are looking to buy a home and a limited number on the market for them to choose from. Conversations and questions are being asked around the political uncertainty and Brexit of course but in the main we find that most people are pragmatic about such things. People who are of the age to purchase a property have already experienced ressessions and political uncertainty and know that we live in an ever changing world and will not let that stop them finding the house of their dreams.

Article taken in part from

Important Information
All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not make a decision without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment.   

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