Market Comment – December 2019

Gary 4x3Firstly, I would like to wish all of our customer’s past and present a very happy new year and I was delighted to read over the last 2 weeks and even at the end of December, some positive news amongst the property pundits and news in general. All seem to agree that now the political uncertainty and probable Brexit uncertainty is over as we head towards leaving the EU on January 31st, this will put a spring back in the step of the housing market. It is my opinion that a lot of decisions, including recruitment and major investment that was put on hold, will all start to un-clog now and will lead to movement both within the sales and lettings market. We have already seen in the first week of January, a spike in interest both from prospective tenants and prospective purchasers.

Our Lower Addiscombe Road office registered 49 prospective tenants in the first weekend alone. There is a marked improvement and the cloud of uncertainty for both markets has definitely blown away.

I was delighted along with Scott Ayliffe and Bob Hay to present the winners and high achievers at our annual sales conference last Wednesday and as I briefly reflect on December, all of our figures from New Homes to Lettings and Sales were all a pleasant surprise and up 4% on last year’s December.

I have read many interesting articles going into the new year in regards to the property market, alluding to stronger activity in the North and the South, but I am of the opinion this will even out this year. I think that the Property News’ headline on the 16th January is indeed correct in that estate agents are noting a growing indifference in Brexit amongst buyers and are keen to get on with their lives. Although we hear about challenging property conditions in London, it is worth noting that the average price is still £475,450, only 0.5% down on the previous year.

I think that post-election there is pent up demand for all our sectors to include lettings, sales and new homes, even with investors and aspirational buyers coming back to market. I am looking forward to reporting back to you at the beginning of February, reporting on what I am confident will be a strong and confident start to 2020.