One month since the historic Brexit vote, Trevor Michel, Branch Residential Sales Manager of Simmons & Sons takes a look at how the local market is shaping up.
“The local housing market appears to remain steady at the moment with constant demand for good quality houses and apartments in all areas of the town and villages up to and over £1,000,000. The higher end of the market is still less active but I think a large part of this is coming to terms with the stamp duty adjustments of the year before as much as Brexit.”
Marcus Whewell, CEO of The Guild of Professional Estate agents, of whom Simmons & Sons are the local appointed member, comments: ‘The market (outside of London) actually looks steady and predictable. Prices are holding up, properties are selling (on average) for at least 99% of the asking price and withdrawals are no higher than pre-referendum. Mortgage rates continue to be the most competitive in history.’
Marcus comments, ‘Looking at the bigger picture, there are strong reasons to believe the residential market will remain healthy for the next few years’.
Supply and demand remains high; the UK population is expected to continue growing by up to 50,000 per annum and to meet this demand the UK needs at least 200,000 new homes every year. Currently less than half of this number is being built. This is only amplified by the changes in trends and demographics such as more single-person households.
If you are interested in selling your home contact Simmons & Sons on 01491 571111