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Brexit Delay Likely to Boost Confidence in the Housing Market

Spring is traditionally a great time to sell your property. The dreariness of winter is over and a lot of families, in particular, think that selling in Spring should guarantee them a move by the Summer holiday period.

With Brexit now stalled, the housing market is looking healthier than originally predicted. Home movers who were originally hesitant are now seizing the opportunity to pop their property on the market without fear of it losing much, if any, of its value.

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Miles Shipside from Rightmove said: “We are not anticipating an activity surge but maybe a wave of relief that releases some pent-up demand to take advantage of static property prices and cheap fixed-rate mortgages.”

It is currently taking around 67 days to sell a property which is considered higher than in an average, pre-Brexit year, however this is still lower than at the start of this year. That suggests that things may be looking up for both buyers and sellers.

The latest statement from Rightmove is a contrast to statements made by The Royal Institution of Chartered Surveyors in recent weeks. They feel that house prices will fall over the next 6 months nationally and that London and the South-East may experience this for even longer.

Halifax bank, on the other hand, reported that prices in February rose by an incredible 5.9% in that month alone. However, by March prices had fallen by 1.6%. Because data is so unreliable at the moment, month-on-month, it’s worth looking at the bigger picture and checking quarterly or annual stats to avoid reading into things that are fluctuating too much.

Brexit isn’t the only topic on everyone’s lips within the housing market at the moment. A widespread concern over estate agents overpricing properties is also being discussed.

The Times launched an investigation this month and found that large, well-known estate agents, were overvaluing properties by up to a fifth before cutting prices significantly to bag a sale. This, in turn, misleads sellers who end up paying higher rates of commission post-sale.

Want to sell quickly? We can help

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If you’ve outgrown your property due to your family expanding then now could be the ideal time to sell. If you’re finding the open market too slow and you want to move house quickly then we can help. We’ll offer you a fair cash sum for your property and can complete in a timescale to suit you. Find out more today.

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