“The only certain thing in today’s property market is that there is uncertainty.  In such times, an expert advisor will help you identify and seize opportunities and avoid pitfalls”

 

My 5^th April blog suggested uncertainty and caution in the property marketplace if the UK voted to exit the EU.  Well, we voted for uncertainty…… 

Whilst no-one could have envisaged the active political and financial sectors these last three weeks, many commentators have predicted that uncertainty would quickly hit the property marketplace. 

This nervousness has not been openly discussed by agents who, currently, seem to have more stock available at the top end than this time last year and a very quick turnover of the fairly priced and most attractive mid-range properties up to the £1m/£1.2m price level.  I’ve even seen reductions in this price bracket this week.

I expect purchasers at all levels will be hopeful of property price corrections and maybe even improved mortgage deals. 

However, vendors may withdraw from the marketplace to ‘wait and see,’ or instruct their agents not to take offers.  Many vendors at the top end have been waiting for the market to become more active for a very long time, so they may just wait longer. In London, vendors may hope that the £’s currency rate will help move some of the stalling top end sales.  This may send some London vendors in to the less active out of London markets.  But, this has been mentioned before and has never really gathered momentum.

So how long with this current situation last? 

Events have moved quickly politically, but may slow down over the rest of the summer, so that plans and then negotiations for the EU exit can commence.  We are in unchartered territory re: the EU exit, but markets were quiet, at all levels above mid-market, long before the referendum.

So a crystal ball could be needed.  As they are not reliable (!), please do take professional advice (and not just from your estate agent).  In times such as these, discussion, information and insight is more important than ever. As the headline says, the only certainty at present is that there is uncertainty.

Vendors who need to sell, will listen to offers.  Purchasers who need/want to purchase must be the best buyers available to secure the property they want.

Whether you are buying or selling (or both), remember, each property sale has its own dynamic and the property market situation will need to be overlaid over this.  This then needs to be applied to your own circumstances, wishes and needs.  Only then can you make an informed decision and proceed with confidence.