Will Tod from Hayward Tod takes a look at the post-Brexit
property market and offers some sound advice to those selling their
homes over the summer months.
Most but not all home sales occur because the seller is moving
on to another property. Yet time and again many sellers become
focused on the sale rather than looking ahead to the move. The sale
becomes the be-all and end-all when really it is just a part of the
Estate agents the world over will recall occasions in a
declining or static market when a seller refused an offer from a
reasonable buyer only to see the value of their property fall
further over time, leaving them worse off than ever. In these
situations sellers need to take into account the ultimate aim
– the move.
In this immediate post-Brexit period it is perhaps too soon to
determine exactly where the market is heading. But across the
country in all but the hottest locations prices have steadied and
in some cases declined.
This is a time for caution not for alarm and certainly not a
time for digging one’s heels in over price. The smarter move
is to understand that what one may lose on the swings one may gain
on the roundabouts. That is, a negotiated sale brings the freedom
to negotiate a great purchase, always bearing in mind that the
ultimate goal is a life or lifestyle move to somewhere else.
Flexibility and pragmatism make the best selling strategy in
this confusing market where there is a great deal of ambiguity.
There is low supply but this doesn’t necessarily mean high
demand. Interest rates are low but so to a degree is confidence.
Also, buy-to-let investors and second home buyers have suffered a
setback through rising stamp duty. So if your aim is leaving your
home – Hexit – negotiation is the name of the game and,
like the UK’s exit negotiations with the EU, there will be
plenty of strong argument and posturing but in the end there will
be a deal. It’s in everyone’s best interest.