Sales Market Update

Our review of the residential sales market so far this year.

2017 started with market activity at a good level as had been the case over the last quarter of 2016, after the recovery from the slow down due to the vote to leave the EU. This was tempered in the beginning of June by the calling of the snap general election but has since returned to satisfactory levels.

This has seen value levels, as an average, staying static as they did in 2016 but activity levels are good for properties that are correctly priced.

The market has proved resilient to the many events of the last year, including the Brexit vote, President Trump being sworn in and now the hung parliament. Taking this into account alongside numerous factors such as going through the actual process of Brexit, the new tax implications coming into effect over the next three years in relation to landlords income, the ever increasing popularity of the area and the historic lack of available housing in the area, we feel capital values are going to continue to stay static over the short term, with activity levels being the factor that will be more influenced by events.

In the long term it is our belief that property will always prove to be a good investment but in these turbulent times please feel free to contact us for an up to date market view and to go through the market factors in more detail if you wish.

The local market reached its previous height in 2007 before dropping in 2008/9 by 13%. In 2010 the market started to recover and values equaled those of the peak of 2007 in the second half of 2011. Property values then continued to rise until 2016. In 2013 we saw a particularly strong increase in the area with a rise of 19.3%.