Brexit – Keep Calm and Carry On (Buying and Selling)
There has been much talk over the last two years regarding the potentially disastrous effects of the UK leaving Europe. Regardless of the political meetings and negotiations of late (and the media hype which follows) the full force of the effects of Brexit is yet to be seen.
In the current climate, this of course leads many to feel uncertain about the short-term future of our economy. Therefore any plans to make big changes – such as moving home for instance, can naturally be pushed to the back burner.
But what if you DO want, or need, to move home? With property prices taking a downward trajectory, it would be plausible to assume it is best to wait and see if the market ‘bounces back’, to see if you could achieve that figure your property was worth, say 6-12months ago.
It may well be worth remembering that changes to market conditions (for better, or worse) historically happen over fairly long periods of time. Meaning that in order to sell your property for a higher value, you may have to put off your move for a good few years – and take a gamble that nothing else rocks the boat in the meantime!
“The most important thing to reconcile in today’s market is this: It’s all relative!”
If the property you need to sell is now worth a little less, it is safe to say that the property you want to buy will be worth less now too. Suddenly homes that were once over-budget could become more attainable. Focus on the equity accrued in your current home, at its current value and work out if this is enough to cover your new (now cheaper) purchase. We would be more than happy to help to provide an up-to-date, honest, no obligation Valuation on your current property should you wish.
Many potential vendors have asked us recently ‘Are people still buying at the moment?’ Very simply, the answer is a resounding – YES!
There will always be reasons why people need to buy or sell properties, be it the arrival of a new child, the breakdown of a relationship, or relocation of job, for example. The property market is and will always keep moving.
Realistically-priced homes are still selling quickly. Our local area – with easy travel links to London, great schools, the bustling City Centre and the University – helps to keep the Chelmsford property market strong. Whereas, vendors who are still looking to list their properties at a slightly inflated price will, unfortunately, find themselves chasing a falling market.
We will simply have to wait until after the spring (and beyond) to see the true effect of Brexit on the property market, however one thing is certain – life must still go on in the meantime.