Last year was an uncertain season for the property market, with “Brexit” being the buzzword on every seller, buyer and agent’s lips.
Now, a new year, and a month after the Conservatives landslide win, selling property in the UK is looking positive. According to the Royal Institution of Chartered Surveyors, buyer and seller sentiment has greatly improved, with surveyors’ predictions of number of properties sold in the year rising significantly
Property price dip ready to rise
Homes&Property, speaking particularly of the market in London, predict that the “Bredixt dip” has bottomed out ahead of a “spring revival”.
Those who faced the biggest dips were the most high-priced areas, such as Kensington & Chelsea and Westminster, where the average price fell by 8.8%.
According to This is MONEY, central London properties are set for a rebound with growth of 20%, and Greater London is due to see 4% growth over the next five years.
Perhaps the rest of the UK will follow London’s lead.
An “upbeat trend” in selling property
With prices looking to rise, are sales expectations following suit?
Simon Rubinsohn, Royal Institution of Chartered Surveyors Chief Economist, said: “The signals from the latest survey provides further evidence that the housing market is seeing some benefit from the greater clarity provided by the decisive election outcome.
“Whether the improvement in sentiment can be sustained remains to be seen given that there is so much work to be done over the course of this year in determining the nature of the eventual Brexit deal.”
“However, the sales expectations indicators clearly point to the prospect of more upbeat trend in transactions emerging with potential purchasers being more comfortable in following through on initial enquiries.”
An issue with property supply and demand
The property website Rightmove has highlighted that although demand for property is high, a lack of supply is a continuing concern.
The number of properties coming to market is down by 8%, according to the website.
Despite this, there is much for buyers to be positive about. This includes low interest rates and lenders competing hard, alongside high employment and wage growth (albeit slow).