July property market report
Nested's expert agents give their view on performance in the property market in London
Local property expert
- The second quarter of 2019 was the busiest for the London property market since 2017
- Exchanges up 5% compared to the previous June
- New sellers dip 18% compared to last year but have improved in recent months
Seemingly endless political uncertainty provides the backdrop against a property market that continues to show signs of improvement against the odds. With a 5% increase in sales completed in June of this year compared to last year, there appears to be continued growth, with homeowners intent on pressing ahead with their plans.
Green shoots and leave
Henry Verrill, valuation team lead, is buoyant about the market. “In London, new sellers and newly agreed sales are all trending above the three month rolling average, which largely fits with our experience at Nested, where we have seen positive movement on all fronts.”
With another upcoming Brexit deadline, Henry believes it’s prudent to remain cautiously optimistic: “There have been positive signs from the market this month, however, it is difficult to deduce whether this has been primarily due to our temporary stay of execution or a more consolidated recovery in the market. It remains to be seen whether these are the green shoots of recovery or false hope in the face of the big ugly beast that is Brexit.”
Jamie Salisbury, relationship manager at Nested, takes a more pragmatic approach to the current landscape: “What are we waiting for, the new Conservative leader or another Brexit deadline? Anyone who tells you how any of this political turmoil will affect house prices is overconfident of their ability to predict the future.”
With over 13 years working in the London property market, Jamie is resolute that if you need to make your move then there is no time like the present. “The simple fact is, any home that is priced correctly can, has and will sell in any market!”
For those that are hoping to move, Jamie argues that while it’s currently a buyers market, it’s all relative when you have a property to sell. “Property is more affordable than it was pre-Brexit and money remains relatively affordable to borrow, which means now represents an opportunity to buy that which you couldn't in a stronger market.
"Alternatively, would you rather wait for the market to strengthen so that you can achieve more on your sale and pay more for your purchase? There is a degree of checks and balances when it comes to moving in the London property market.”
Costa del sold
Sellers often hope to wrap up their sales before the school holidays begin, so a natural decline at this time of year is to be expected. Henry explains, “We anticipate a market slowdown over the summer as school holidays affect parts of the market. This is to be expected and has been a pretty consistent trend over time. As we reach Autumn, we are also forecasting for the market to taper off quite substantially as the new UK government prepares to face the next Brexit cliff edge on 31st October.”
As more sellers move to put their homes on the market, it appears there is still enough room to take advantage of the surplus of buyers in the market. A sense of pragmatism appears to have broken out, with homeowners growing weary of letting the wider political landscape dictate their plans.
Nested puts homeowners in control of their sale. Our agents provide you with smarter insights so you achieve the best price for your home on your timeframe. When you’ve found your new home, you have the power to move chain free, while we take care of your sale. Our buying agent will even negotiate up to 5% saving on your new home, so you get more home for your money.
If you’re interested in selling smarter, get in touch today. Nested.com - The modern way to move.
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