Housing Market 2018 – The news so far
There is always an air of anticipation as we return from the festive break with plans, projections and targets for the forth coming year as all business try to prosper or just survive the unknowns and constant changes that factor the Uk property market. On a national level everyone is looking at the economics, Brexit, growth, supply and demand, interest rates the London market and so on, and yes these will as always be factors in 2018, and one major shift for good or bad, positive or negative on any of these could ripple out and effect every local housing microclimate. But assuming this is not the case and a further year of steadiness is in store, let us try and give you an actual update on your area and a prediction for the future.
January, was and often is a ‘wake up month’ and not a great month in which to predict the whole year upon. This January activity was actually very high, enquires were up on 2017, valuations were also up, however there seemed to be a very perplexed and an early ‘wait and see’ approach, uncertainty and a refrained feeling. Buyers that wanted to offer and saw opportunities on property left over from 2017 where like potential new sellers not yet in a position to proceed, so a stale mate situation, a lot seemingly happening, but no actual effects or results.
As is often the case, a very relaxed approach in January quickly changes to a “We had better get on with it “ approach in February, barely 2 weeks later !, and so was the case this year. Old valuations turned to a mass of new instructions and sales went up 28% year on year and on housing both obviously popular and some that had been struggling.
New stock gives confidence, the addition and the release of many new homes sites, including our very own Linden Homes Site at Hunters Green, Waltham Chase, also provides opportunity for chain breaks as part exchange is ever popular, so you suddenly see and feel the wheels turning in the right direction.
The weather has also been kind, on the most part locally and whilst we have just endured a small festival of snow, no momentum has been lost.
Spring we believe will be very active, maybe people are looking to make moves earlier this year, and with an average start to finish time of 5 months, starting in March leaves a potential late summer completion, this avoids the risk of any major swing of the above factors to come into play. So, our prediction right now is for a very strong market locally until at least the summer, with prices being competitive, realistic and in scale whether moving up or down.
Russell Webb – Director Hedge End
Our market reports hopefully provide a real time indication of the local market conditions that may help decide your plans, but feel free to contact us should you wish to discuss your personal situation in greater detail.