A recent study has recently stated that buyer demand is increasing. Even though there is still uncertainty regarding Brexit in the UK, the company believes once this uncertainty clears, the demand from buyers could have a hugely positive impact on property transactions.
The report stated new buyer registrations for homes valued at more than £1m increased by 36% in central London, and by 11% across the rest of the capital city. The company says that the number of registered buyers increased by 16% for the first quarter, and for the regional and country house markets, viewings increased by 20%.
Brexit uncertainty has impacted the market
Of course, the influence of Brexit remains, and it is clear that many buyers are holding off. Regardless of the actual figures stated in the report, there is still considerable uncertainty, and uncertainty is bad news in the property market.
Given that many people believed that Brexit would be resolved, one way or another by now, you may find that some people will soon make a move. It is only possible to put your life on hold for so long, and while uncertainty still exists over what will happen with the country, life goes on. Also, with many people believing Brexit will be positive for the country, you would assume some people are keen to buy now before the economy improves.
Buyers and vendors are looking for a change in circumstances
While Brexit has impacted on the property market and could be classed as one of the leading influencing factors, it isn’t the only factor. The change in stamp duty for additional buyers has shaped the market. There is also the fact that not enough homes are supplied to the market. Solely blaming Brexit for the current state of the market is wrong, and it is equally wrong to say continued delays to Brexit will notably harm the market.
Currently, we are unlikely to know much more about Brexit until Halloween, and even then there is still likely to be a lot of uncertainty and lack of clarity in the market. Therefore, it is best not to get too carried away with rising figures or notes of optimism.
Property sales still take place, so vendors can still proceed with sales. However, there is a need to prepare a home as effectively and as efficiently as possible, making sure buyers can find your home with ease, who are looking to purchase a property.
At Oaks Estate Agents, we aim to provide active service to all our clients, and we are pleased to say we are now present in the Croydon area. If you are looking to make a move in this area of London, we are on hand to assist you.