With continued BREXIT uncertainty, what has been happening on a local level in the housing market this year?
Land registry information is a great way to find out what’s really happening out there behind all the hype. There is always lag behind what is happening on the ground and what's been registered but nonetheless the figures provide an accurate insight into numbers and types of properties actually sold. We researched the prime residential suburbs covered by the BS6, 8 & 9 postcode numbers comparing Jan-June 2019 figures with the corresponding period in 2018.
Overall the numbers of property transactions were down 13% compared with the previous year. What can we take from this?
- Sales of houses were actually slightly up on the previous year! This demonstrates strong demand for sensibly priced family homes.
- There has been a large reduction in the number of flats sales registered. Down almost 23%! However, the profile of those buying flats has changed dramatically in the past couple of years. We are more reliant on the first-time buyer/owner occupier market now as buy-to-let investors have left the market following changes to taxation on rental income.
- There are a lot less properties coming to the market! Prospective clients are adopting the wait and see approach whilst BREXIT rumbles on.
- We are not having a problem selling sensibly priced property! There are good buyers out there and if you want to move now is actually a good time with a number of properties selling within the first week of marketing recently, some with competitive interest.
Our own perception has been a lot of clients we visit are waiting to see what happens. An entirely understandable reaction to what’s happening if you don’t have to move. We also know the flat market has been affected by changes in buyers’ demographics and prices have dipped back before stabilising at sensible levels. We are now at levels that first time buyers are happy to jump back onboard the housing ladder.
Put simply if you price accurately in the current market you will sell but temptation to try that little bit higher and the evidence suggests the market will find a better option elsewhere.
If you are looking to buy then you are likely to find something you like. But be quick! If its the right price then it won't hang around long, A cheeky low offer based on BREXIT uncertainty is likely to be quickly dismissed and lose your credibility as a buyer!