Is Brexit Crashing the Housing Market?
With all the talk of Brexit and the uncertainty that an exit from the EU may bring, we thought in the wake of recent negotiations and the drafting of the 585-withdrawal agreement that it would be a good time to help our clients understand the impact, if any, on the housing market in general.
It doesn’t matter whether you chose to remain, or you chose to leave, the impact to you will be the same regardless of your political stance. We are here to educate on the potential impact on the area in which we are experts, the housing market.
Current Housing Market Conditions
The housing market is at best a fairly steady beast that moves along as house prices continue to rise. The whole Brexit issue has upset the market somewhat but this is heavily influenced by the London market and localised there. With most multinational companies headquartering in the nation’s capital, the thought of an exit from the EU and the loss of free travel and trade has seen a number of those residents / corporations pull out of London.
What does that mean for you? Well, it has actually had very little impact on the Yorkshire housing market as a whole.
Sensational Press Headlines
The housing market is based very much around confidence. If you believe the market is good, it’s good. If you believe the market is bad, it can be difficult. The tabloid press doesn’t help, as they continue to magnify very small issues that are localised to London, as though the entire housing market is in crisis.
Demand for New Homes Continues
Back in 2017 the government committed to building 300,000 additional housing units per year by 2022, which sounds like a lot, but when you consider that first time buyers coming to the market increases by 365,000 per year and counting, you can see how this target falls short. In the year 2017/2018 a total of 222,190 new dwellings were added to the UK housing market, 77,180 short of the government target, and 142,810 housing units short of the increase in demand.
This is trend is set to continue which means there will always be a market for selling your property. You just have to find the right buyer. That’s where we come in.
Selling in an Uncertain Market
We were established in 2008 during the housing market crash. We didn’t have an existing business with large reserves, we began life in the most difficult housing market conditions since the war, and we thrived whilst other agents failed. Whilst other agents went bust, we went onto to win multiple awards.
Selling in an uncertain market is hard if you’re a lazy agent and don’t know how to adapt. If you set yourself up to be the best, to adapt and overcome, you become a better agent not just in times of housing market stress, but overall.
Yes, the market is uncertain at the moment. We don’t believe it should be, but as mentioned earlier, confidence in the market is what impacts the market.
We have confidence we can sell your property. We have confidence that we can get you the best price. We have confidence in our abilities, our processes and our drive to get you the deal you deserve.
What Should You Do?
What would our advice be over the coming months? If you were thinking about selling any time in the next 8 months, then get your house on the market before the end of the year. Speak to us now.
Why? Well, the biggest driver of house sale success is exposure to the market, which is what we excel at. The first couple days in January will have the largest volume of people searching for properties than any day in the rest of 2019. It happens every single year.
Also, the Christmas Period is the time of year when most people don’t put their houses on the market, so the number of properties available is less than at other times in the year. This means in January more people are looking at fewer house, which increases the competition for interest in your property.
Sell Sell Sell!
Getting your property live, and ready for that volume of interest is going to help you get the best price for your property. It also means the property will sell before any other issues can affect the market, such as exit from the EU in March 2019, or the threat of another referendum, or a hastily called general election. There isn’t a route where things are going to be more stable in the short to medium term.
Sell now. Sell for the best price, and let other people waste their time being uncertain.