Date Published 15 March 2019
The sun is finally coming out and as I write this, we are part way through one of, traditionally, the busiest months for buying and selling property. However, in this topsy turvy market, despite February being one of our best ever months, March has seemed quiet in comparison and the reduction in activity coincided with more negative news focused around Brexit.
We regularly have clients where other agents are stating that their sales aren't affected by Brexit. We prefer to be a little bit more honest in that people don't always want to make the biggest buying decision of their lives during a period of uncertainty. However, Rightmove statistics do show that we are selling quicker than any other local agent, and for better sales prices and that we have, in 2019, sold 50% more than any other Southwater based estate agency. We do therefore treat the claims of a normal market with some caution when we, as the best selling agent based in Southwater, are noticing a lower level of activity.
To support my assertion, NAEA Propertymark has claimed that the number of buyers has dropped by just under a fifth in only 12 months. However, the number of homes for sale have remained constant, leading to downward pressure on prices.
Once there is certainty on Brexit I would fully expect the pent-up demand to return and so this should see a line drawn under the small reductions in prices that we've seen over the last year. I believe that this could be an opportune time to upsize or make that first purchase given the reduction in activity and prices as I would consider activity to normalise post Brexit (assuming it's happened by the time you read this!)
Director of @Home Estate Agents and About Mortgages
Beeson House, 01403 886288