Post-election, Pearsons Director, Lee Turner, reflects on the property market’s collective holding of breath and its anticipated lull and looks forward to where this new majority takes us next.
In the first week of May, the market was expected to be on tenterhooks, instructions were set to experience something of an interlude and property people generally would be skipping a beat. Desisting. Marking time, if you will. There would be a mover’s moratorium and no one was going anywhere until Number 10 had been assured, one way or another.
Fast-forward a few weeks and let’s go back to reality and the realisation that nothing had apparently changed at all. There was no lull, no cessation of sealed deals, no housing hiatus whatsoever. It seemed, for all intents and purposes, that it’s been business as usual all along.
In fact, Election Day, like the week leading up to it, was much like any other day – busy. Buy-to-let investors were still making many enquiries as were first-time buyers, families with a penchant for two, three and four-bedroom homes were continuing to buoy proceedings and all Pearsons branches were reporting plenty of interest, albeit in a market that was seemingly being starved of choice.
The imbalance between demand and supply is what we’ve been talking about more than our political proclivities and that issue continues to dominate the agency agenda. All in all, the market is strong and house prices are continuing to rise steadily and sensibly – there was a positive ripple following the change in stamp duty regulations that negated the artificial pricing that the tax had spurned, but back to reality and consistency, albeit with property polarity, prevails.
Houses priced between £250,000 and £500,000 represent the value in which the most acute imbalance between demand and supply lies. Above that ceiling and the difference is more measured with reduced disparity between the number of vendors and buyers. Should owners in 2015 start considering when to make their move, a valuation of a realistic, achievable price is clearly likely to be the salient factor when it comes to bolstering strength in the market by introducing more homes to a ready and very willing audience.
If you’re thinking of selling, get in touch with your local Pearsons branch for a free property valuation.