Positive property market predictions this Autumn

10 October 2016

Positive property market predictions this Autumn

Activity has been better than expected so far in these initial post-Brexit months. Although the August property market is invariably less pronounced because of holidays, there has been an optimism which is reflected in the levels of buyer and seller confidence which underpins the market.

As we head into the autumn market there is still political, economic and financial uncertainty as Brexit negotiations get underway. While there is likely to be a degree of impact on transaction levels and pricing, it’s unlikely to be to the same degree as on the London market, which has become dislocated from the regional market because of so many overseas buyers in recent years. The top end of our West Sussex market also remains slower, in part due to stamp duty levels.

Buyers settle for longer

Not enough high quality properties are being built to meet requirements and we live a place where people want to live, so demand remains good. Buyers tend to consider their next property as a long term home rather than climbing the property ladder every three years or so. People therefore are moving less frequently once they settle in their homes so decisions are less influenced by external matters and more by individual circumstances. As a result, we expect the market to remain steady in coming months.

There is good activity currently and good properties are coming to the market. Priced correctly, there should also be good demand.

Finance planning

Availability of finance also influences the market as lending criteria are stricter. This is no bad thing if it helps prevent some people getting into a hideous situation with over-stretched finances but it can delay purchases so it’s worth sorting out finance before going too far down the line.

Instructions are key to the market and we’re now entering that period of the year when people who would like to make a fresh start to move in time for Christmas should be coming to the market in the next few weeks.