News

Market Update

 

House hunters are at their lowest for 2 years a new report from the NAEA shows the demand for housing is down 22% from March and 26% of the total sales made in April were to FTB. Not a great story if you are a house mover.

This is likely to be the uncertainty caused by the EU referendum; buyers are always put off when there is uncertainty about the future. Whether we Brexit or not, frankly is irrelevant, the uncertainty has already reared its head and the population have suddenly realised that they know as little about the future of staying in as they do coming out. Result? Do nothing.

I’m afraid that is where we are at the moment in the middle and higher end of the market.

It’s no surprise that re mortgaging has hit its highest since November 2008. A 36% increase since March 2015 and a 48% increase since April 2015.

It appears we have entered the “extension market”.

The question that arises is: is this a natural progression from coming out of recession? Consolidate, Re mortgage then move later, or has moving home become so expensive, people have decided to stay put? Home reports, solicitor’s fees, removals and the dreaded land tax have all rocketed.

Only a few weeks to go, then at long last we should be able to put elections etc behind us for at least another 5 years.

 

Bill Reid

01738237337