17 Dec Expert opinion: How the Election result will affect house prices
Now that the General Election is done and the drama is over, we can all start getting along again in time for Christmas; no more social media propaganda and friends sniping at each other over their political persuasion.
So now that an element of governmental stability has arrived what does that mean for the housing market? We take a look at how the election result could affect house prices and activity in the market.
Rebound for the New Year
The property industry as a whole is fairly optimistic that there will be a rebound over the next couple of months. Property professionals have predicted that sales expectations over the next 12 months will reach their highest level since 2017. This is largely due to the Conservative’s return to power and their plan to deliver Brexit by the end of January 2020.
This period of stability is likely to be capitalised upon by those who have been hesitating in making decisions about their property. Brexit and a hung or change of government have been hanging over the market since the EU referendum and now might be the best time to strike.
With increased activity in the market comes a new swathe of pricing strategies which could see house prices increase in certain areas with high demand. This is great for the UK economy but we can expect a bit of a stand-off between vendors and buyers as the market adjusts.
The VW effect
We often talk about how Virginia Water and the surrounding areas of Ascot, Sunningdale and the Wentworth Estate are somewhat protected from the stimuli of the wider market. The properties we have on our portfolio tend to be high value and attract buyers with a different capital situation than the rest of the country. We also see a high number of buyers arrive from overseas who look to purchase properties as investments or for corporate relocation.
While the market in our area has remained relatively active we expect to see an upturn in instructions as we enter 2020, as people spend the Christmas holidays making decisions on their living arrangements – choosing to ‘right size’ or move from the area.
However, while the election may have brought some certainty, we can still only speculate on what Brexit will do to the property market.
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If you are thinking of moving house, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas.
If you’d like to speak to someone about your property options, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram and LinkedIn.