Sellers Despair As Market Favours Buyers
The property market has grown in favour of buyers in recent months as house price growth continues to be stifled by a lack of confidence over the UK’s economy in light of Brexit.
As the UK gets closer to springtime, vendors who are looking to sell their house fast are often preparing their home for viewings as well as making enquiries to their local agents. This is because springtime is historically known for being the best time to sell.
However, in 2019 sellers are finding themselves at an impasse with regard to the property market as the deadline for Brexit fast approaches, and individuals who would normally be searching for a property have decided to wait until after March 29th to see what happens to sold house prices.
It is very hard to escape the constant news reports of MNCs and banks leaving the UK for the European mainland to avoid the risk of trade tariffs and customs negotiations. Sadly, for many potential vendors this lack of confidence in the UK’s economical position has also spread to the housing industry, allowing the market to shift in favour of buyers.
The latest house price index published by Nationwide has shown that the average cost of a home has slipped by 0.1% over the last month, leaving average house values only 0.4% higher than they were one year ago.
“The annual rate of growth may have risen in February but the UK property market remains firmly on its knees. To say sentiment has softened is somewhat generous. Shattered is closer to the mark,” said CEO of Octane Capital Jonathan Samuels, responding to claims by Nationwide’s chief economist Robert Gardner that the market has merely ‘softened’.
“’March could be the month the property market finally succumbs to madness…the home ownership rate may have improved but the relationship many people have with bricks and mortar is changing irreversibly.”
So, what can sellers who can’t afford to wait until after Brexit do with their homes? Luckily, they can always contact National Homebuyers who are always happy to provide a competitive, obligation-free quote, with the ability to complete a house purchase in as little as two weeks.
As the year continues, many experts estimate that the future health of the property market will depend on whether or not the EU is willing to grant an extension to Article 50 at the end of March, believing that until the Brexit fiasco has been finalised, the market will continue to grow stagnant.
Worried about Brexit? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.