Love it or loathe it, or simply sick to the back teeth of it, Brexit is happening.
But what impact will the UK leaving the European Union have on the property market in Withington?
Like most long-term forecasts, no one knows with absolute certainty, how things will pan out, especially when it comes to the housing market.
It would be disingenuous of us to suggest otherwise.
However, the immediate impact since the General Election has been to see buyer confidence come flooding back. The media have dubbed it the ‘Boris / Brexit Bounce.’
And here’s why.
The housing market doesn’t like uncertainty – whether that’s political or financial.
And humans are often inclined to avoid making decisions if we can get away with it.
Our minds seek out a reason NOT to do something which might disturb the status quo of our lives.
Especially when things beyond our control seem ‘up in the air.’
The Brexit Factor
The uncertainty over Brexit was a big factor in many people’s decision to hold off buying or selling a home.
The ‘will we?’ ‘won’t we?’ questions have been answered. We have clarity.
That’s the main reason we’re seeing so much activity since the election on December 13. And it appears to be a nationwide trend.
Recently released data from the property portal Rightmove shows UK property asking prices have increased by 2.3 per cent since the general election.
This means the average UK house price is £306,810. It represents the largest month-on-month increase seen in any January since the property portal launched its house price index in 2002.
Most of the sales in Withington over the past year were flats which on average sold for £215,333. Semi-detached properties had an average sold price of £334,128 and terraced properties averaged at £285,788.
Withington, with an overall average price of £283,838 was more expensive than nearby Fallowfield(£187,499), but was cheaper than West Didsbury (£312,502) and Didsbury (£344,267).
In the past year house prices in Withington have remained similar, but are up 3% since 2017 when they averaged at £275,795.
Although we are early in 2020, we can already see that there’s a lot more positivity around property in Withington than there has been for a long time.
So, if you have been sitting on the fence about selling your home, now could be the ideal time to bounce off it and make your move ahead of the traditional spring rush.
If you want your home to stand out in a less congested marketplace give me a call on 0161 706 0737 to discover how I can help you.
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