Slump, Price Drops, Reduced, Slow Down – The current trend of UK Property prices 2018:
When you look in to house prices and especially those within the South East of England, is it just me or do most headlines seem to be that prices are falling? Yes, we can look at Halifax, HomeLet, RICS figures of course, but just a very quick overview of say a search results for UK Property on Google then latest news headlines all appear to be very much doom and gloom.
I recently went on to Rightmove to check on property locally, we have had in mind to purchase something for a while, and where there was just a handful of property to choose from and usually the same old ones doing the rounds that were laughably over priced, there is now a much wider selection and I note that coming on half the property now showed ‘reduced’ prices.
If you are a 1st time buyer or sitting in rented awaiting to buy then these times are good and you can hope to play a waiting game as stock starts to pile up and estate agents go from over valuing property in order to get them on to their books to pricing realistically to the slowing market trends.
Brexit looks a long way off in some ways, though in other ways it appears we are in for a very hard and snap decision to leave as the confidence falls for the Prime Minister and her remainers in the cabinet – When Brexit happens it may cause some distress within the finance sector and ultimately property sector, more houses flooding the market as the buy to let brigade admit defeat and the decrease in immigration meaning less requirements for rentals and in-turn renters ditching the life of paying off their landlords mortgage and instead securing their own futures as property prices become more affordable by buying their own home. A big spiral here that could lead property prices either stagnant or falling in value for some years to come.
So, as a buyer, will you sit tight? As a seller are you going to take a small hit on the selling price of your home considering you haven’t done too bad re the price hikes of recent years? As an estate agent, are you confident in the market continuing to flourish or is it time now for your portfolios to start increasing and thus your attention turning to finding buyers?
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