Historically, the months following seasonal holidays were always the traditional times to move. Early spring, because of the City bonuses was the main spike for sales and September for lettings as it is the start of the school year, however this is no longer the case.
The virtual demise of the bonus system and the political interference means that the markets are now confidence driven. In 2017 we had a far better start to the year for lettings than the last six months and in sales we saw two thirds of our sales transact in the last four months of the year.
The lettings market has now polarised to towards either much longer contract periods or short lets and the decision to buy is based far more on necessity than speculation. Now prices have bottomed buyers are making the decision to buy rather than continue renting but are registering for up to a year before they commit. The choice of properties is growing so they are recognising that the really good quality houses, which used to be snapped up during a bull market, can now be agreed at more attractive prices with less competition and less chance of being gazumped.
Most armchair pundits will advise you not to buy or sell mid-Brexit but both arguments cannot be right. We believe buyers should consider their own circumstances and base any decision on what suits their personal situation. If you are squandering your money on rent and you are buying for the long term then buy. If you don’t think prices are going to rise until we are out of Brexit, and you can think of somewhere where your money will do better than your property, then sell.
We have a client who is selling his £3m mews house because he is on the list for a Valkyrie which is Aston Martin’s new £3 million ‘by invitation only’ hypercar, which he believes will double in three years. Waiting in any market is always a risky business but as you long you transact within 5% of either you will invariably be alright. There is now little point waiting property seasons to sell; if you do you may well miss other drivers in the market which will have a greater impact on your final selling price.’
James Robinson is General Manager at Lurot Brand
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