It could be said that the news and social media have an aura of sensationalism when it comes to Brexit. Many articles have been published full of uncertainty and pessimistic viewpoints about a property sales slump in the UK. In our opinion, based on the excellent levels of new instructions that we have seen in the first weeks in January already, we’re not sure this is the case.
Some people are of course going to be worried about Brexit, and the as yet unknown outcome. However, worrying about it won’t change the outcome and so we have seen a trend of people carrying on their usual business, and that includes the sale and purchase of property.
The West Midlands property market has remained buoyant throughout 2018. In fact, the average house price in the region is £220,989 which is a 3.2% increase on last year’s figures. *. If the pressure on house prices in the West Midlands increases as we expect it to, we predict that house prices will have risen by around 5% by the end of 2019.
One of the major factors contributing to the positive West Midlands property market is the increasing number of new homes that developers are building in the area. The Government is committed to making the buying and selling process easier and we expect to see more action from them on this point this year. Andrew adds:
“The positive actions of the Government and planners to increase the supply of new homes, combined with the continuation of the Help to Buy Scheme and the ready supply of affordable mortgages will insure we will continue to have a good selection of homes to buy.”
The Government have already made great strides in tightening up on lettings legislation. With the introduction of the tenant fee ban in June, the property industry as a whole will continue to be focused on providing excellent customer service and ensuring sales and rental procedures are executed smoothly.
If we’re able to add our own thoughts to the Brexit subject, it will be one of slightly cynical positivity! Andrew commented, when asked about what impact Brexit really will have on the sales market in the property industry this year:
“There won’t be a collapse in the property market due to Brexit; politicians have become increasingly aware of the dangers and will therefore prevent a hard Brexit.”
So, expect increasing house prices, and a continued excellent rate of sales. Where the West Midlands property market is concerned, Oulsnam estate agency is only dealing with positive vibes!
*Source – Rightmove House Price Index