Since the decision to leave the EU in June little has been publicised about how Brexit will affect the market place for property.
The market has been dealt a double wammy blow; the changes to stamp duty which although may benefit some, the luxury high end market and the buy to let sector have been hit with considerable increases. This, linked with the Referendum vote which has lead to some instability in the Stock and Commodity Market, last months’ home purchases on a countrywide basis were behind those of last year.
Reports say that Mortgage lending is booming, however this is not extra lending for the purchase of new or pre-owned homes, but for those wishing to capitalise on low interest rates and cracking fixed rate mortgage deals.Some 48,973 homes were purchased in June (information gained from the British Bankers Association – BBA), the highest number since October 2015, but that is 10% down on the number of June 2015.
Buyers borrowed £8.4 billion to purchase these homes which indicates that as there has been more money borrowed and less homes sold that values are increasing on a countrywide basis of 3.5%. However, this is slightly affected by the strong market in February and March before the increase in Stamp Duty on the buy to let market, so overall it would indicate that the market is static.
The Brexit vote has also affected the market. Within our agency department marketing advice appointments did slow in the immediate period following the result, however as we have all realised that the country has not imploded, and that there is life after Brexit, the market has restarted and marketing advices and new instructions are strong at the moment.
This linked with the Governor of the Bank of England’s report that interest rates in the short term will probably have to be reduced still further, will benefit all those with a mortgage and possibly push a further rush to banks and building societies to take up new mortgages and fixed rate deals.
Demand is also strong with interest in new and pre-owned homes coming to the market, priced at realistic level, offers are coming in too. In the longer term interest rates more than likely will begin to creep up, making mortgages dearer, so if anything the best time to move is now!!
As with everything, marketing is key to the sale of property. The decision to market and pick an agent is a major decision. We undertake a simple approach to the marketing of property which we know works. Pricing is critical; industry websites have under taken considerable surveys and show that the first month is the most important time for the property to placed on the market, and after this time the purchasers will switch off to the property and interest levels will wane. By pricing the property correctly at a level that vendor wishes, interest and viewing should take place.
This linked with strong images of the property, we utilise a local professional photographer who will make your home look amazing, these images are used in all marketing from the major internet property portals to specific publications. We can proudly boast that our properties in specific postcode zones receive more click throughs than any other agent.
Our staff have a wealth of training and experience within the property industry, and utilise this along with a state of the art estate agency computer package to market your property to the purchasing public, in order to get early interest, viewings and offers. Accompanied viewings and honest feedback also assist in the effective marketing of property.
North Lancashire – 01995 603 180
South Lancashire – 01704 895 995
Cumbria – 01539 751 993