Dominic Parravani, the Managing Director at Durrants, looks at some of the many positives in the autumn property market.
As we look forward to the autumn season in the 2018 property market the naysayers may well be citing Brexit as reason enough not to make a house move. They may say there is too much uncertainty. They may have would-be movers wait.
But why wait? What good will waiting do? By the time Brexit is resolved - one way or the other - all those who put off doing anything will finally be on the move and possibly creating a challenging sellers’ market. Right now, in many places, we have an exciting buyers’ market.
Also, the cost of living in London has risen to such high levels that people in large numbers are leaving the capital behind for a more affordable cost of living elsewhere. They are choosing places with good road and rail communications, welcoming communities, great schools, lovely property, access to glorious countryside and a better way of life all round. Sound familiar?
More London leavers than ever are keen to step into a better way of life. And we would suggest to sellers in our area that this helps to contribute to a strong underlying market. Of course the market is price sensitive at the moment, we wouldn’t dream of saying otherwise. We would also warn that in the national property cycle when you sell high you often have to buy high and when you buy low you often have to sell low. In other words, what you win on the swings you often lose on the roundabouts.
But doing nothing doesn’t get you moving. The time to move is when you want to and need to, not when Brexit negotiations suggest you should or shouldn’t. And remember, most movers aren’t looking for an investment first and a home second. For them it is the other way around.
So, as the children go back to school for the new academic year, this is a good time to take stock, not be put off by negative comments and create your own personal property cycle, one where you get to decide when you buy and sell to suit your circumstances and which will give you a strong chance to win on the swings - and the roundabouts!