As we move to the final push of the 2018 property market, we at Rickman Properties are of the opinion the opportunity to take advantage of the depressed market may be coming to an end. Now is the time to buy.
The reason we think this? Brexit talks are entering the final phase and it is in everybody’s interest to make a deal that is workable and long lasting. The very top end of the market is seeing an increase in transactions due to the weakness of sterling, and the high level of discounts (against launch prices) being offered. Buyers are generally looking for a home to live in, suggesting a long term purchase, in turn re-emphasising long term faith in the UK market. This will trickle down to the medium area, as other buyers see and hear of sales, and don’t want to be left out.
The lower end of the market that has appealed to investors, these buyers may still try to bide their time, however once sentiment improves prices in this sector will increase quickly.
(Source- LCP AC Residential index- October 2018)
This is why we think now is the time to act, after every major down turn it is only with hindsight that we can see when the market bottomed out, and prices rose. In 2008, when the market fell due to the financial crisis, we saw a very rapid rise in prices when things recovered, and by the end of 2009 in many areas prices were back to where they were in the height of 2007, and continued to rise. After a sustained period of subdued pricing, there is large pent up demand. Now is the time to act, you will be taking the first step to making the right choice.
We look forward to helping you find that property.