Mike Ellis of Ellis Winters assesses the current housing market
For the last three years Brexit has been everywhere, from the minute you got up in the morning until last thing at night, but all of a sudden, it’s gone very quiet. Yippee we say, perhaps now we can get on with our lives and that’s certainly true for property sales according to figures from Rightmove. Over the last year, three and four bedroom properties have outperformed other sectors, with prices in this area rising by 0.7% on average year-on-year compared to a national average fall for all properties of 0.1%.

Rightmove’s data also shows that this sector is more likely to sell than the national average, as well as being more willing to come to the market and we are now seeing more new sellers than this time a year ago. Everyone has probably been waiting for Brexit to sort itself out before committing themselves to the expense of a bigger mortgage or the cost of moving, but with no end in sight, buyers are now taking the plunge to move.

The EU’s offer of a Brexit extension until October coincides with what is usually the busiest moving season. While it is only a postponement, it is long enough to relieve some of the short-term uncertainty and so it arrives at an opportune time for the housing market. No doubt there are still a lot of twists and turns to come over the next six months, but this extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times.

We are not anticipating a huge activity surge, but maybe a wave of relief that releases some pent-up demand to take advantage of static property prices and cheap fixed-rate mortgages. So if you’ve been thinking about moving but have been delaying because of Brexit, maybe it’s time to re-think your options. If you’d like some information about selling your home call us on 01480 388 888 for an informal chat, it cost you nothing and our advice is free.