Enable’s IFAs in Bishops Stortford know that it has been a tricky time for businesses and the markets with Brexit indecision. The UK’s housing market looks set to continue to struggle on warn estate agents but the property is still a reliable investment at so many levels.
One survey compiled by the Royal Institution of Chartered Surveyors (Rics) recently revealed that new inquiries from buyers in every part of the country fell for the eighth consecutive month in March. And a net balance of 24 per cent of those surveyed saw a fall rather than an increase in house prices last month, suggesting that the market is still faltering as buyers worry about taking on new debt.
It would seem that at around 42 per branch, the number of homes on estate agents’ books is at a near record low. And in terms of how long properties are taking to sell, it now takes around 19 weeks from listing to completion, which is the joint longest time period since records on this started in 2017, the Rics said.
Simon Rubinsohn, the chief economist at the Rics, said: “Brexit remains a major drag on activity in the market with anecdotal evidence pointing to potential buyers being reluctant to commit in the face of the heightened sense of uncertainty.”
While all this may seem somewhat gloomy, the outlook for the longer term is bound to be more upbeat and indeed most estate agents expect prices to go up. A balance of 15 per cent more surveyors anticipates house prices will be higher rather than lower in a year’s time.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “RICS contains the results of a monthly sentiment based survey of members, rather than being data-led, and therefore provides us with an excellent temperature-check of the current property market across the UK from those at the coalface. Whilst the current political uncertainty still casts a shadow over the near-term expectations of the market, it would appear that many surveyors believe that the twelve-month view will bring an improvement.” Enable’s IFAs in Bishops Stortford can help you find the right mortgage deals for you.
YOUR HOME COULD BE AT RISK IF YOU DO NOT KEEP UP THE REPAYMENTS
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