House Price surveys (whether Land Registry, Rightmove, Nationwide, Halifax etc) all show conflicting statistics on the performance of house prices and this is down to the varying methods they use to collect the data and indeed the timing of that data too (eg. actual sold prices, list prices, mortgage applications etc).
Some are still showing a few percentage point year on year price rises in 2017, however, what we have seen during 2017 is a politically turbulent year, with buyers and sellers uncertain on the outlook for the economy and predominantly Brexit too, resulting in a somewhat lacklustre performance for the local property market with downward pressure on prices.
RICS members concur in their latest Residential Market Survey that the short-term outlook for prices is broadly flat, with contributors unconvinced that the market is going to gain any momentum in the coming months due to the continued shortage of new instructions, alongside general economic uncertainty. Indeed, the number of new-to-market properties has now been declining for 22 months in succession.
Contrary to the usual laws of supply and demand, low stock levels in a country with a severe housing shortage do not always support house price increases. Most would-be buyers are not in the market, as their own property is not yet on the market. It’s a vicious circle that is only broken when people put their faith in their agent to deliver results. I’m glad to say that’s exactly what our clients do, they trust us to give them honest advice and to get the job done, which, in a subdued market, is absolutely essential if you want to move home.
If you’d appreciate a no nonsense, open conversation, please give me a call or pop in for a chat. We’d love to help you move.
Wishing you a Merry Christmas and a Happy New Year
22nd December 2017
Grace & Rose Estate & Letting Agent
If you are looking to move home in the near future, or need any advice with regard to selling or letting your property, please don’t hesitate to call either myself, or one of our team at Grace & Rose, your local, independent, family run Estate Agents in Billericay 01277 623010 and Brentwood 01277 230300 – book your free market appraisal https://graceandrose.co.uk/contact-us/ or email me direct on firstname.lastname@example.org
We also cover Shenfield, Chelmsford plus the surrounding villages including Blackmore, Bobbingworth, Chipping Ongar, Doddinghurst, East Horndon, Fryerning, Great Baddow, Great Burstead, Great Warley, Herongate, High Ongar, Hutton, Ingatestone, Ingrave, Kelvedon Hatch, Little Burstead, Little Warley, Moreton, Mountnessing, South Woodham Ferrers, Stock, Stondon Massey, The Lavers, The Rodings, West Horndon and Writtle.