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Market Update September 2016

Tuesday, 13th September 2016

Categories: Sales Lettings Market Analysis Property Prices

Author: Tony Ryan

As we write, it is now some two months since the Brexit referendum result and whilst there remain more questions than answers as to what this means in the future, the immediate property market continues with those motivated to move still looking to do so and taking a positive medium to longer term view.

A change of Prime Minister and turmoil in the official opposition has also left much of the political landscape in need of some clear direction.

The Bank of England, worried at possible inflationary pressures, has acted quickly and reduced the base rate to 0.25% in August. Inflation figures are remaining very low and unemployment numbers show no signs of increasing which is good news and is keeping confidence at reasonable levels.

The market is therefore not without its challenges but sensibly priced and well marketed property is still changing hands in both the sales and lettings markets.

The key is in getting ahead of the market in terms of price and marketing approach and not getting left behind and ending up chasing the market down. Some fabulous prices and deals are being arranged where the starting point is competitive and enables a volume of interest and competitiveness amongst buyers and tenants.

A recent survey has shown that the property market in those areas that voted to leave the EU seem to be more buoyant than those where people voted to remain. This is a further indicator that markets are always largely built on consumer sentiment and confidence.

Of course, the superb Team GB results at the Olympics may also help generate some “feel good” factor in the weeks ahead. The Paralympics are about to begin and we have high hopes for our Team GB competitors here also.

Overall the market is adjusting but this just means that a slightly different approach is called for and we are in a market where our expertise and experience can really come to the fore in helping secure a transaction that meets your needs whether buying, selling or both or letting or renting.