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High expectations? Perhaps, but make sure you keep a level head.

Posted on Monday, July 1, 2019

High expectations? Perhaps, but make sure you keep a level head.

When asked, and as a general rule, a majority of home owners say they expect the value of their property to rise over time. Even in today’s uncertain market, around four out of five think that house prices will rise by as much as 5% in their area before the end of 2019.

Looking at further information from Zoopla, it seems that those in the north of England and in Scotland are the most optimistic, with around 90% expecting property prices to increase over the next six months. 

In London and the South East expectations are lower, with around 25% fewer thinking that there will be any rise in prices during the year.  However, this still means around three quarters of those who gave their opinion are anticipating some sort of price increase.

These findings come despite evidence of a slowing housing market and ongoing political uncertainty. Whether or not these forecasts prevail, consumer sentiment plays a crucial role in the health of the housing market and going forward it seems the indications are that there is a feeling of stability; meaning that buyers are more likely to start actively looking for their next home, confident that now is the right time to make a purchase. And, in turn, an active pool of buyers will hopefully encourage more sellers to list their homes for sale. 

However in this current, stable market, buyers are under no pressure to buy unless the property and price is right for them. For now at least, they have time on their side and also a lot of choice, particularly with the number of available new build homes and the attractive deals which almost invariably come with them. 

To take immediate advantage of the apparent growing buoyancy within the market, vendors, although possibly fuelled with optimism for house price growth, will still need to maintain a level head to ensure that pricing is correct from the outset: vital for a reasonably swift sale at a price that’s as near to asking as possible.

Those who listen carefully to the advice, market expertise and experience of their local estate agent and accurately price their properties are the ones who will see the early fruits of what may well be the start of better things to come.

Simeon Spencer FNAEA
Associate Director