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Brexit Boredom Fuels Housing Market

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Thu 25 Apr 2019

Brexit Boredom Fuels Housing Market

Ever since the EU Referendum result on 23 June 2016 we have been bombarded with all things Brexit.  Almost three years later and the sorry saga is getting way too frustrating and boring for the majority of the nation, especially since the 29 March 2019 exit failed to happen. 

Property Market Fights Back Against Brexit Boredom

Many of us have gone into neutral and placed those big decisions on hold pending the outcome of Brexit.  You know decisions like whether to move house or perhaps extend and improve to achieve the dream home. Well it seems as though a light bulb has
suddenly gone off and the housing market has come to life once more after a deep sleep.  Brexit boredom has kicked in and the number of new properties coming on to the market have increased substantially as a result. 

 “Wait and see what shockwaves Brexit may cause” is exactly the thinking that created the property market slowdown and ultimate stagnation in the first place.   With so many buying into that thinking it was inevitable that a downturn would be the outcome.  From the start of 2018 we became an indecisive nation and as a result we saw a significant downturn throughout the year because nothing was moving.  From this is it is easy to see that the best way to keep the housing market strong is to ‘keep calm and carry on” in good old British tradition.  Regardless of that, if you are already on the housing ladder then it is all relative as if the market has a downturn your property and the new property you purchase will also reduce in value pro rata.  If there is an increase in the housing market the same will happen again in reverse, ie both properties will similarly increase.

It is worth noting that there are also a large number of government schemes out there to help first time buyers to get on the housing ladder.  These schemes aim to specifically support a strong housing market through uncertainty so first time buyers should strike whilst they are available.  Wait too long and the first time buyer may find that these schemes are withdrawn.

Tangible Upward Property Market Trend As Buyers Look For Value

Although the property market does traditionally improve around Spring time, this upward trend is very tangible right now.  Indeed, property sites such as Rightmove are seeing an upturn in the market in general including April’s increase in average asking prices by £3,000 plus.  This is the largest increase seen in a given month since March 2018 according to Rightmove’s House Price Index.  This has to be great news for home owners who want to make that all important move in 2019 and first time buyers who want to have a wide selection of properties to choose from.

In the current market, home buyers are looking for great value for their pound and they will be on the lookout for homes with the wow factor and a high quality appeal to tick all their boxes.  Family homes with the typical three or four bedroom accommodation are always in high demand due to the need for more space and accessibility to high performing schools and no amount of Brexit uncertainty will change that.  In fact we are ourselves seeing an increase in a fresh supply of good family homes with access to our good local primary schools and these properties tend to very much hold their value even in uncertain times. 

As a matter of interest, Zoopla reports the average house price in Norfolk as being at £266,000 with Downham Market’s average property price being £220,428 and Norwich’s average being £261,045.

As more and more estate agents are reporting a surge in activity, it is clear that things are on the move.  If you are a seller then do remember that you, the customer, are in control right up until you part with your hard earned cash.  At Sheridan Sales and Lettings we never forget this. 


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