Its been a long dreary winter, but then it also seems hardly possible its April already. The first 3 months have certainly been hectic for us with new business for both sales and lettings comfortably outstripping what we were doing in the same period last year.
Property is much is talked about, probably after the weather its one of the most popular topics, and practically everyone has an opinion. The question we are constantly being asked is, ‘what the market doing?’
So I had better give an answer. I hate to mention the B word, but Brexit has had an effect on the property market in London. So much of the economy of the metropolis is geared around the financial world it is inevitable that uncertainty about what the effects of it will be have put people off making large personal financial decisions. So there has been a reduced demand for property, as well as big ticket items, for example reports show the number of new car sales has reduced.
There is a likelihood of an interest rate rise this year, with hints of it being as early as next month, some pundits are suggesting another increase later in the year, my prediction is that it is not so likely as I suspect inflation will slow. So if it stays at no more that 0.75% we will still be enjoying extremely low levels by historic standards.
Our view from what we are creating in sales is that values could well be beginning to level out, now that the evenings are much lighter, Easter is behind us, and even, dare I say it, the weather is at last getting better, the sun did make some appearances last week and there is apparently a chance it’s coming back and that always makes us feel better.
So whatever you property plans might be now is a good time to start to get some realistic sensible advice, get in touch with us and we can draw on our 35 years’ experience to give the reassurances and advice you need to guide you through the property maze.