News

Market Report

Who said “a week in politics is a long time”? We have certainly had an eventful two weeks. Now the £ is climbing, the stock market is the highest for almost a year, interest rates are almost certain to fall this week if not very soon. Mortgage rates have been falling all year and about to get another push lower.

If ever there was a time to buy property it has to be now.

We are seeing much more interest, indeed running out of stock! Incomers are buying, but there are very few looking to sell. The London market activity shot up by 24% immediately after the Brexit vote and the ripple effect is reaching us.

Well priced family homes are selling well, first time buyer's property does not stay on the market long, but anything unique, a bit different or above £400k is still a struggle.

By the end of the day we should have a new Prime Minister and probably a new cabinet by the end of the week.

I hope her new Chancellor is more realistic about the property market than the one she is about to sack!

Bill Reid BEM BA NAEA

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