Published: 05/02/2020 By Tam van WykWe’re now in February, the month of love. There were times, last year, when it seemed we might have been losing our passion for property, holding back, unsure how we felt. It wasn’t just buyers, it was sellers, too.
Now, armed with a degree of certainty over our futures, all that pent-up demand is being released onto the market, the phones are ringing, instructions are being issued and deals done and our passion is back with a vengeance. And it’s not just me saying it, all the commentators are saying exactly the same thing. Just take a look at these headlines:
‘Brexit sparks housing boom in capital, with estate agents reporting highest buyer interest in 15 years’ – Telegraph - (subscription required).
‘UK house price growth at 14-month high, says Nationwide’ – Guardian.
‘UK housing market: asking prices see record hike after election released “pent-up demand”’ – Independent.
‘Estate agents report 'uplift' in housing market’ - BBC.
Before everyone gets too carried away, though, there are still some serious affordability issues, especially in London, which should ensure prices don’t get far ahead of themselves. It’s more about getting the market moving again, allowing people to finally get on with long planned house moves, to upsize and downsize, to move on. Things should keep improving, too, as we head towards spring, although it’s very much like the spring market, right now.
The rental market, in contrast, has started the year in the same way it ended the last, with stock shortages and rising rents, which is good news for landlords, but less so for tenants. It’s a situation that is unlikely to change until the government takes a more pragmatic, less political approach to the Private Rented Sector. Hopefully, Brexit may help here, too, with the end of the deadlock freeing up some time to deal with the issue properly.
If you’re thinking of moving, now is probably one of the best times to do so for quite a while. So, give us a call and we can get you on the market as soon as possible.
Right, that’s all from me for now. I will, of course, be back again next month to give you an update on how it’s all going.