Photo of Ian Preston By Ian Preston

Euros Are Getting Cheaper By The Day

Posted 22/06/2012

The Preston family holiday is approaching where four generations of my family will be heading off to France. It’s the first foreign holiday we’ve attempted since the birth of our twin girls, who are now two. My wife, Claire, is pregnant again expecting my fifth baby so it’s an exciting time of not being the designated driver for the next seven months.

Running Preston Baker estate agents with James is an all-consuming job but I make time to keep fairly well informed about what’s going on in the wider economy through a series of blogs and news papers and my own observations.

It would be true to say that we have had a successful first five months in the estate agency where we have seen the number of new properties instructing Preston Baker increase by 21% against the first five months of 2011. This has been replicated in the number of sales we have agreed which has improved by 24% against the same period last year.

The lettings business has also done equally well taking advantage of our larger branch network to expand its growth now more than 100% larger than the same time last year. I don’t however expect to see the same level of growth in the second six months as new buyer enquiries and the total size of the market are smaller than at this time in 2011.

Only time will tell whether or not this turns out to be accurate but I would urge sellers who are coming into the market to take advantage of the traditionally busier summer periods. If the credit markets continue to become tighter and bank funding becomes even more sparse then it will reduce demand that will affect both the number transactions and prices.

We don’t know if Ms Merkel and co will put any kind of measures in place that will return the Eurozone to some kind of normality but we do know that lots of customers want to invest in the Yorkshire housing market, with buy to lets offering good levels of returns – especially compared to non-existing savings rates.

In a time of economic turbulence a lot more people will be turning to assets such as housing rather than leaving money deposited with a bank earning no interest. I will be looking forward to taking advantage of a strong British pound against Euro as the Preston family goes to recharge our batteries ready for another exciting 6 months of 2012.

Posted 5 years ago

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