House prices, with the media reporting their rise and fall from one week to the next, you are bound to get confused. When selling your home you want to know that your asset has increased in equity. The good news is that Acadata and LSL have recently reported that property prices in London have increased by 0.4% since December. Another point to note is that, after the uncertainty of last year, there are signs of a rebound in the higher end of the market; this will make joyous reading for many in the Docklands.
But what about Brexit? As the majority of Londoners voted to remain, have events since the referendum impacted on people’s decisions to move?
A survey conducted by Clydesdale and Yorkshire Banks found that more than 80% of those surveyed felt that Brexit had not impacted on their plans to sell or even buy a property. “It’s clear that Brexit has not dampened the optimism of the overwhelming majority of both homeowners and homebuyers, who continue to have confidence in the market and will not be changing their plans,” said Helen Page, Propositions Director at Clydesdale and Yorkshire Banks.
Halifax also released their analysis of the housing market recently, and noted that you can earn more from your home than you can from your day job. London was highlighted as an area with significant gains. The Halifax Housing Economist Martin Ellis said, “Buoyancy in the housing market over the past two to five years has resulted in homes increasing in value by more than total take-home earnings for the average homeowner in many areas, though mostly in southern England.”
All this research backs our findings, where we are seeing a positive outlook on property prices within the Docklands. Having a competitive and accurate asking price is important in this market, as even though there are more buyers searching for new homes, they are incredibly cautious and savvy. They have done their research and therefore will not view a property that they feel is overpriced.
At Franklyn James we will always give you a frank assessment of where your property sits in the current market. Getting the price right is the start of ensuring you achieve the highest price possible, and when an offer is made our skilled negotiators will work tirelessly to get you an attractive result.
Regardless of whether it is a buyer’s or a seller’s market, having a strong negotiator at the helm when an offer is received is a guaranteed way to ensure you maximise the potential of your home.