25 Jun Property market has an air of stability despite Brexit
If you’re anything like us, you’re probably sick of talking about Brexit. The problem is, it impacts so many sectors and with the current government uncertainty and economic hesitance – it seems the only sector which is demonstrating any kind of stability is property!
While our area has its own financial micro-climate and often bucks the trends of the national market; it is important that our clients and readers have a good perception of the wider market. So, if you are looking to move to the area make sure you browse our fantastic portfolio of properties for sale in Virginia Water.
House Price Rise
According to a leading lender, house prices actually increased by 0.5% in May while HMRC numbers showed that home sales remained steady. Bank of England figures showed that mortgage approvals are also on the rise with an annual increase of 5.9%, which is above the five-year average.
For these reasons it seems that the general market is looking more upbeat. We are seeing high levels of employment as people hesitate to move roles and stay in their jobs. We are also seeing businesses hold off on staff cuts as they wait to see what happens during the next phase of the Brexit negotiations.
This stagnation is giving people the opportunity to make moves before any major changes are actioned by the UK’s departure from the EU. Subdued house price growth and low interest rates are also helping first time buyers to get on the property ladder.
Every year we expect the spring market to get a little boost as people try and complete in time for the summer and the new school year. This recent perking up of the market could be the delayed ‘spring bounce’ we’ve been waiting for. With the Brexit deadline passing in March the property industry collectively held its breath waiting for the Brexit fall out which never came.
We are also seeing a number of buyers finally bringing their property to the market after waiting to see what came of the March deadline and waiting for the improved weather to show off their homes.
In May, we instructed 17 new properties in our area which is double the previous month and by far our busiest month of the year so far – people are certainly on the move!
All in all things are looking up, at least in the short term so if you are looking to move to the area make sure you speak to one of our experts, who will be happy to talk you through your property options.
Get in Touch
If you are looking to move house, make sure you take a look at our amazing 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.
image credit: Aleksandr Simonov