14 Sep BREXIT?
The Brexit question is such a difficult one to answer because of the timing of when the vote took place.
I have been an agent locally for 28 years and it’s the same every year and this year may have been a little quieter, but has not been unusually quiet. During the months of July & August the local housing market slows down, particularly in the Henley area with the Royal Regatta and now Henley Festival being such large events and local buyers and sellers are otherwise engaged. This is closely followed by children breaking up from school and naturally people will take their summer holidays.
However, house sellers who weren’t fortunate enough to find a buyer in the early summer market, will want to make the most of the next selling period between, mid September and mid November, and will want to make their property more attractive to new buyers or those revisiting the market by cutting their cloth accordingly. A price reduction could be part of their estate agents strategy to increase levels of interest and the number of viewings and is quite usual at this time of year.
This has nothing to do with Brexit and I am sure if you looked back at the same period over the last few years, there would be a similar pattern. House price growth tends to coincide with a spring market peak and an autumn market peak. During the summer months this levels out and this year house price growth has seen minimal growth, but is still showing a small increase overall. Recent forecasts by the Rics have suggested that house price growth will increase at around 3.3% each year over the next 5 years.
Don’t forget that Q1 this year saw enormous levels of activity, much greater than the same period in recent years, because of the change in the stamp duty for second homes, which has also added to a quieter summer.
There are still plenty of motivated buyers in the market, but at present I am experiencing a lack of new properties coming to the market, with many potential sellers not wanting to dip their toe in the water until they have identified a property to move to. That’s where there are benefits to using the services of an estate agent who is not driven by market share and large stock levels because they have the time to match make seller and buyer with many sales taking place off market.
Ask me again at the end of November and I will tell you if there has been a Brexit effect.
If you are thinking of moving in 2016 please contact Philip Booth Esq to register your requirements or to book a Market Appraisal.
Call 01491 63 53 43 or 07795 42 22 84