Mon 03 Jun 2019
Getting on with Buying and Selling, Despite Brexit
You could be forgiven for thinking that property industry bloggers have nothing else to write about, besides the constantly shifting uncertainty of the Brexit outcome. Indeed, it has been a topic of conversation for quite some time now. However, despite the quarrels in Westminster, not all is as hopeless as some would have you believe.
The Overall Picture
Admittedly, new buyer enquiries are somewhat subdued, and overall house price growth has slowed. However, the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable.
Unemployment has reached record lows in the United Kingdom, which is helping in part towards the increase of first-time buyers. Despite initial deposits continuing to be a challenge for any home buyer, however if you have a smaller deposit to put down on your new home, this may no longer be such a disadvantage. We have seen interest rates on mortgages for those with smaller deposits come down. This means the relative low borrowing costs are a welcome incentive to save hard to get on, or move up the ladder.
How is the West Midlands Faring?
Well, out of all the regions in England, the figures* report that we’re experiencing a much swifter sales market than the rest of the country. That is, if you exclude Scotland from the equation! Overall, the summary would seem to indicate that we are not suffering from a Brexit doom and gloom. In fact, we hold fast with the view that national figures continue to be significantly skewed by London and the South East.
- Average house price - £232,247
- Monthly percentage increase – 1.8%
- Annual change – 3%
- Average time to sell – 53 days
It's great to see such positive figures continue to be atributed to the successful West Midlands housing market. Certainly, we're seeing this borne out in our busy sales branches. I think a lot of it is down to continued investment into Birmingham and the surrounding areas, that is making the area so attractive to a varitety of people looking to buy for many different reasons.
*Rightmove House Price Index