There May Be Trouble Ahead: Why Now Could Be Best Time to Sell a Property
Despite there being many concerns surrounding the Brexit vote, it would seem the UK housing market isn’t letting these get to it. Compared to the time when the referendum was conducted over a year ago, there are now more sellers and buyers in the wider market, making it the ideal time to sell a property before even more uncertainty sets in.
More Property Sales
In June 2017, there were 4.6% more sales agreed than in June 2016, with many buyers being faced with ‘sold’ messages on the boards of properties they were keen to purchase. Furthermore, estate agents have reported that 45% of their stock is now ‘sold subject to contract’.
With sales so buoyant and prospective buyers now aware that prime properties are selling quickly, it’s rapidly becoming a sellers’ market.
People Are Finding Properties More Affordable
When you’re selling property, you want to know there are lots of potential buyers for your home, and the recent news that many are now finding properties affordable is a great sign for sellers.
According to research conducted by the Yorkshire Building Society, properties across over half of the UK are now deemed ‘more affordable’ than they were before the financial crash. Leeds, Glasgow and Birmingham are amongst the areas where the gap between house prices and earnings has fallen, with prospective buyers now being able to seek out the properties they’re desperate to own.
Speaking about the study, Yorkshire Building Society’s chief economist, Andrew McPhillips has stated that in southern England and London you’ll find some of the most unaffordable areas of the UK. This makes it hard for people wanting to move up the property ladder or buy their first home. However, a totally different scene is present in Scotland, Wales and Northern England, with many areas, such as Birmingham, Peterborough and Edinburgh being more affordable than they were at the time of the financial crisis.
With buyers now confident that they can afford their dream home, this is boosting the local property markets in these areas. This, teamed with the fact that properties are selling at a quicker rate than when Brexit was announced, is increasing many people’s confidence in buying and selling property.
However, with Brexit negotiations continuing and more questions arising, this buoyancy within the property industry isn’t guaranteed to last throughout the discussions. That’s why now is perhaps the most opportune time to sell your home.
