From the looks of things, people on the hunt for a new home are simply getting on with it. It is true that the ever-present Brexit uncertainty is potentially holding back some people from making housing decisions. For example, we know that the number of properties coming onto the market is lower than this time last year.
However, those that are cracking on with buying and selling are realising a resilient market activity. April saw national property prices trend to a 1.1% annual uplift, which was the highest since April 2016. There is proof that there is a supply to meet the evident demand; with a financial increase of circa £3,500 on the price of your property, there’s no need for Brexit to hold you back.
In particular, we have seen swift sales in the family housing sector which comprises three- and four-bedroom properties. This could be because whether we’re in the EU or not, family needs to satisfy more space or closer proximity to schools remains more important! These types of properties are holding their value better than other sectors, coming to the market at asking prices 0.7% on average higher than a year ago.
Andrew Oulsnam, Company Director, says that:
There is no doubt that Brexit has hit people’s confidence. However, with the increasingly never-ending indecision on Brexit more and more people are ignoring it and getting on with their lives. Parliament seems to have committed to vetoing a hard Brexit, so this has likely protected the market being hit in the short term.
This slightly unusual Spring increase could be down to the Brexit delay, much as the pre-Christmas slowdown was because of the imminent exit from the EU. Therefore, we expect to see continuous increasing market activity as short-term uncertainty recedes.