‘The current PCL market is hot for best in class properties that are reasonably priced.” says Jamie Hope, Managing Director at Maskells.
“The market is incredibly price sensitive and buyers need to see value in order to be persuaded to commit funds to the market. Where we see properties attractively priced, we are often receiving multiple bids. The PCL market is unpredictable and SDLT combined with Brexit apathy is slowing the market, however domestic demand has underpinned prices and those same drivers are still there, pushing the market forward.”
“‘Life carries on’ will be the overriding sentiment from buyers and sellers in 2018 as widespread negativity and market paralysis is replaced by a greater sense of commitment.” says Giles Cook, Head of Residential Agency at Best Gapp. “Selling prices have noticeably softened since their peak of summer 2014, mainly as a result of continued Government intervention and the UK’s surprise decision to leave the EU, however that trend is now being reversed with further downward pressure on prices abating.
An improving political picture and a more positive direction surrounding Brexit will allow for an improvement in consistency and continuity amongst vendors and purchasers. Last year’s interest rate increase and future predicted hikes should trigger an increase in the supply of stock coming to the market. Furthermore previous long-term renters are seeing an opportunity, keen to capitalise on cheap finance deals and lower sales prices releasing themselves from the burden of paying high rents for a property they don’t even own.”
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