Media Release: 12th August 2016
Kelvin Francis asks where next for the housing market?
One month since the historic Brexit vote Kelvin Francis, Managing Director of Kelvin Francis Ltd & Kelvin Francis & Co takes a look at how the local market is shaping up.
Marcus Whewell, CEO of The Guild of Professional Estate agents, comments, ‘The market actually looks steady and predictable. Prices are holding up, properties are selling on average, for around 99% of the asking price and withdrawals are no higher than pre-referendum. Mortgage rates continue to be the most competitive in history.’
Marcus comments, ‘Looking at the bigger picture, there are strong reasons to believe the residential market will remain healthy for the next few years’. Supply and demand remains high; the UK population is expected to continue growing by up to 50,000 per annum and to meet demand the UK needs at least 200,000 new homes every year. Currently less than half of this number are being built. This is only amplified by the changes in trends and demographics such as more single-person households.
One of the significant benefits is that Interest rates are expected to remain below 2% for the next 18 months and with 10 year fixed deals available at under 3%, there is a ‘once in a lifetime’ opportunity for homeowners to secure exceptional deals, reducing inherent risk. Upsizing is also more attractive, especially if prices are expected to nudge upwards at faster rates than mortgage interest. If you’re a first-time buyer or looking to upsize, this could be the perfect time.
The Guild of Professional Estate Agents is a national network of approximately 800 carefully selected independent estate agents, working together to consistently raise standards of excellence and professionalism in the industry. The Guild facilitates and supports its members providing marketing, business and technology solutions to ensure a ‘best in class’ service, delivering a key competitive advantage: trust and confidence. For more information, visit: www.guildproperty.co.uk