Political upheaval continues, but David Reed, Operations Director of Antony Roberts, discovers that there is still positive news to be found in the property market
With the High Court ruling that Parliament will have the final say before the Brexit process can be officially triggered, the Government will inevitably appeal to the Supreme Court to overturn this decision. Any possible delay or indeed doubt as to our formal exit from the EU could further prolong the period of economic uncertainty already anticipated.
Irrespective of the unfolding of political events, the generally held view of so-called industry experts and research departments on the prospects for the UK property market is that the immediate path ahead remains far from certain with the consensus purporting the foreseeable future to herald a reduction in projected overall transactions together with flatlining prices.
When looking at the Richmond property market one must always take at least one step back from directly extrapolating national predictions and macro assessments. This area remains very coveted so the prospects for strong buyer demand remains a given.
We are now well within the final quarter of the year and whilst we are still in uncertain times, buyers are most active where pricing helps procure positive perceptions of value. Those with the desire are making their move and, with the prospect that property prices are unlikely to alter in the near future, they are not trying to over-factor this variable when looking in earnest now.
Additionally, for many buying here, a longer-term strategy is often deployed and this negates the potential negative impact of short/medium term price concerns altering purchase plans. Whilst buyers do retain a cautionary default position, through closer aligning the viewpoint of both buyer and seller, the climate of uncertainty has paradoxically created some assurance for purchasers looking to secure their property before the year is out. We are actively selling.
Looking ahead, bar the remote but possible chance of Theresa May calling a snap general election early next year, I see little on the immediate horizon that could affect the underlying dynamics of the property market here.
This said the forthcoming change in rules for mortgage interest relief for private landlords due next April may potentially discourage further investment and persuade some landlords to consider selling in the first quarter.
- Contact David Reed at Antony Roberts, 3 Kew Road, Richmond. Tel: (020) 8940 9403; antonyroberts.co.uk
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