The country market has seen peaks and troughs this year with good momentum in February followed by a painfully slow March and then an exciting April and May to date.
Why…..I actually don’t know, but I can make a good guess; Brexit. There appears to be an ever persistent pervasive ‘wait and see’ air that is hampering what is actually a brilliant market for buyers. Many sellers are tired of waiting and looking for a sale; not at any price; but they will deal. Others; others are waiting for Brexit to finish because they believe that the market will return and that they will get pre-Brexit prices, whether there’s a deal or no deal. I have to say that I agree with this sentiment so as a buyer, now must be the perfect time to buy.
It will not get better after Brexit, unless perhaps you are selling and then again, not if you are upsizing. Take for example a couple selling a house at £1m and buying at £2m. The price difference is £1m for now. Assume that the market falls by 10%, the price difference is now £900k, but conversely, if it rises the difference is now £1.1m. And that’s where we are right now. It is to most people’s advantage to move pre-Brexit. It will only get more expensive to move after. 3 years of people ‘waiting and seeing’ can only lead to a rush to move once the dust has settled.
All that said, two excellent boastful sales last week and viewing numbers are up. Brochures are being requested but few are committing. And when they do it is with trepidation, however, those that do, the rewards are great. I fear that those who wait, will regret moving with the pack rather than now. Time will tell of course.
By Jason Corbett BSc FNAEA
Director, Country Sales & Lettings