Housing market twice as strong (and stable) in Yorkshire as London?
Elections and periods of uncertainty like Brexit often breed a lack of confidence in things like property but our branches aren’t seeing any negative effect from either.
As Ian Preston told Minster FM in his latest interview:
There’s no evidence, particularly in Yorkshire, that the property market is different at all. If you go on Rightmove, what you’d see is that 43% of them are sold subject to contract. When an agent from West Hempstead in London came to see me, their percentage is 18%.
It would seem that, comparatively, the market is more than twice as strong - almost three times, in fact - in Yorkshire than it is in London. So, why have there been a few murmurs of concern for the housing market?
When you consider that commentators throughout the media tend to be based in capital, they are therefore focused on the city and it stands to reasons that they would be London-centre.
Added to this, the Halifax reported that house prices fell but if London was to be taken out then prices have actually risen, slightly.
This may be why there has been a little concern for the property market in recent months. However, when you consider that average wage growth is 1% or 2% then stable prices are actually better for buyers and sellers throughout the United Kingdom.
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