28 Jan Property Market Boost for 2020
The housing market bounced back in the late autumn of 2019 with mortgage approvals rising by 7% in November. There was also an increase in the number of applications accepted for those remortgaging, rising by 12.7% year on year. This is likely to the political and economical uncertainty of elections and Brexit.
As the leading independent Estate and Lettings Agent in the area, we think it’s important that people are well informed on all aspects of the property market, especially when looking for homes for sale in Slough and the surrounding areas. If you are thinking of moving to the area or selling your property, make sure you drop us a line on 01753 683000 or email us and a member of our team will be delighted to talk through your options.
A Confident Market
Since 2016 we have seen many people feeling somewhat reluctant to buy or sell their properties, this is largely due to the uncertainty surrounding Brexit, the economy and Government. These ‘wait and seers’ are beginning to lose patience and now that the election is over we have found an increase in buyer demand.
A return of confidence to the market is great news for everyone. We have been stuck in a rut where people don’t have any confidence in the market and so are delaying coming to market with their properties. This means that buyers have a lack of choice of places to buy and so they delay putting their property on the market. What you end up with is a stagnant market. This situation is particularly bad for first time buyers who need houses to become available at the lower end of the ladder.
The two key factors affecting property transactions are affordability and confidence in the market. With mortgage lenders looking at ways to be more flexible with their lending and government initiatives such as Help to Buy and Stamp Duty relief for first time buyers we are seeing confidence returning to the property market.
With fierce competition among mortgage lenders keeping mortgage rates at record lows, and house prices predicted to rise by around 2-3% across the UK, 2020 is looking like it could be a good year to make your move.
Get in Touch
Remember, as the leading independent estate agents in Colnbrook and the surrounding areas we are location experts and are always happy to talk you through your property options. You can contact us on 01753 683000 or email us. You can also follow us on Facebook, LinkedIn and Instagram.