Market Comment – October 2019

Gary 4x3As the Brexit deadline came and went and we face a general election in December, this appears to have had little impact in activity throughout our operation.

Indeed for the first time turning to lettings first, October by far was our busiest month, up 13% on October 2018 and I have read a number of reports now suggesting that the final quarter of 2019 will depend on the Brexit arrangements and general election outcome and I disagree as I think political fatigue and malaise has set in, mindful that people still have to move throughout sales, lettings and then particularly taking advantage of the help to buys scheme on new homes.

In October we experienced a spike in potential vendor enquiries, once again underpinning that moving is top of the agenda and not Brexit and as I have reported earlier in the year, market appraisals now stand between 3% and 4% up on those in the same period year to date in 2018.

Turning to New Homes, I was pleased to see the final results in October, in that so many people picked up keys for their new homes this month and it’s similarly exciting to see the new developments we are about to launch in the next 8 weeks coming together with the housebuilders and developers adding the finishing touches.

Turning to the sales market, as I have mentioned we saw a spike in market appraisals and new registrations pretty much remain solid in the same as September and August, and I have an instinctive feeling that this may be the same for November, but I will, of course, report to you at the end of the month.

The number of new sales agreed was slightly (2/3%) up then the month before and I also have a feeling this figure will be sustained from early indications in November. Whilst putting this report together I read other reports that talk about stagnation and uncertainty and I have a feeling people can talk themselves into this and there is without a shadow of a doubt a core and solid appetite for moving and I would urge people not to use excuses and channel that negativity into motivation.