Following my last update in early 2017 (at which time I pointed out that we had enjoyed a brisk start to the year and sales were buoyant) the market slowed after the announcement of the General Election in April and I think the uncertainty of a potential change in government coupled with the ongoing Brexit and the various additional taxes implemented by the government in April this year for landlords has caused this slowdown and buyer demand has dropped off since May with house prices noticeably softening.
We are working hard to achieve results for our vendors and this hard work is paying off with sales being achieved and we have seen some good results with one or two quality properties still selling at good prices, however careful pricing of your property is the key to a successful sale at present.
The lettings market has also slowed, most noticeably with less tenants (also due to Brexit) and rents appear to have levelled out as the market adapts to slightly lower demand. What for the future? Nobody knows, but I believe if you have the money in your pocket today to purchase a property you will probably get a good deal and your discount will certainly be more than you will have been able to obtain over the last few years.
I guess we will have the usual slow down over late July/August as the schools break up for the summer holidays and people are out of town on vacation. However, I hope that when the children return to school in September the market will pick up and I hope that the government in their new budget (taking place in the latter part of the year from now on) will see common sense and make a reduction in stamp duty or capital gains tax in order for buyer and seller confidence to return as interest rates for borrowers are still at an all time low and property is still the best investment.
If you have a property to sell or let in NW2, NW10 or NW9 please do not hesitate to contact me on Tel: 020 8450 1633 so that we can set up a mutually convenient time to call and discuss your sale or letting.
I look forward to hearing from you.
JOHN S HOOPER, FNAEA
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