Property Market – Stable Despite Brexit

13 Jun Property Market – Stable Despite Brexit

In a time of relative confusion and gloom for the property market it is easy to miss out on positive news when it comes to the national market.

As the leading independent estate agent in Tunbridge Wells and the surrounding area, we recognise how important it is to know how the market as a whole is behaving in order to best advise our clients on their property options.

House Price Rise

According to one of the leading lenders in the UK, house prices actually rose by 0.5% in May while HMRC figures show that home sales remained at a steady rate. Bank of England figures show that that mortgage approvals are also on the rise – up by 5.9% which is above the five-year average.

It’s a time to be upbeat about property. There is high employment as people stay in their jobs and businesses pause staff cuts as they wait out the next set of Brexit negotiations. This stagnation is giving the people the opportunity to make moves before any major changes are brought to the fore by the UK’s departure from the EU. Subdued house price growth and low interest rates are also helping first time buyers to get on the property ladder.

If you are looking for houses for sale in Tunbridge Wells, make sure you get in touch with a member of our team on 01892 530109 or email us.

Spring Bounce

This could be the ‘spring bounce’ we’ve been waiting for, but with the Brexit deadline passing in March the market as a whole put on hold waiting for the fall out which never came. Now mortgage approvals are up and house price growth is modest it looks as though we’re back to business as usual.

The upturn in the spring market is usually a direct result of decisions being made over the Christmas period and so it was no surprise that it didn’t occur as many people remained sceptical and cautious over the March 29^th Brexit deadline.

We are also seeing a number of buyers coming to market having waited out the Brexit deadline – these potential buyers are keen to move with a more proactive attitude to getting deals done before the start of the next round of Brexit negotiations commence later in the year.

All in all things are looking up, at least in the short term so if you are looking to move to the area make sure you browse our properties for sale in Tunbridge Wells and the surrounding areas; now might be a good time to take the plunge.

Get in Touch

If you would like to speak to a member of our team about your options please make sure you call us on 01892 530109 or email us. Remember, for property in Tunbridge Wells and the surrounding areas, follow us on Facebook, Twitter and LinkedIn.

photo credit: Tomasz Cichecki