The housing market – what’s going on?
As many of you are aware, there is a lot of uncertainty around buying or selling property in this current climate. According to the BBC, chartered surveyors through their association, The Royal Institute of Chartered Surveyors (RICS), say the housing market outlook over the next three months is the worst for 20 years. But what does this mean for us locally? Alex Mackay, Managing Director of Mishon Mackay shares his thoughts.
He says: “With all the doom and gloom surrounding the property market I can only say that our experience in Brighton and Hove – including Mid Sussex – is that we have not seen the falls in activity that the RICS are reporting in today’s news.
Yes, it is tough with Brexit looming. Until we have clarity as to where our politicians are leading us then there will of course be uncertainty in the market. But this is not new. We have had, so it seems, one setback after another since 2008.
The RICS are suggesting that the property market over the next three months will be the worst in 20 years. They state that sales will fall as well house prices. This is a national statistic and it will of course be difficult in many areas of the country. But we must consider ourselves genuinely fortunate to live where we do. As a company, we have had a lot of enquiries, viewings and sales this year already so the market is not as bleak as it may seem.
There are obvious reasons why this area will enjoy some shelter from the ravages of Brexit. For example, we live by the seaside, commuters can easily get to London in as little as 50 minutes and we can travel north, east and west easily on our excellent road network.
We’d all be in a pickle if we accepted everything that we read as factual – so let’s focus on our own individual needs and property requirements.
Of course, it’s key to remain realistic on price and expectation, and it may indeed take a little longer to sell your house. But be patient, be realistic, and we will be OK.”
If you’re looking to buy or sell and you need advice, make sure you get in touch with your local office who will be more than happy to help.