Nick Churton of Mayfair Office takes a look at the post-Brexit property market and offers some sound advice to those selling their homes over the summer months.
Most but not all home sales occur because the seller is moving on to another property. Yet time and again many sellers become focused on the sale rather than looking ahead to the move. The sale becomes the be-all and end-all when really it is just a part of the whole move.
Estate agents the world over will recall occasions in a declining or static market when a seller refused an offer from a reasonable buyer only to see the value of their property fall further over time, leaving them worse off than ever. In these situations sellers need to take into account the ultimate aim – the move.
In this immediate post-Brexit period it is perhaps too soon to determine exactly where the market is heading. But across the country in all but the hottest locations prices have steadied and in some cases declined.
This is a time for caution not for alarm and certainly not a time for digging one’s heels in over price. The smarter move is to understand that what one may lose on the swings one may gain on the roundabouts. That is, a negotiated sale brings the freedom to negotiate a great purchase, always bearing in mind that the ultimate goal is a life or lifestyle move to somewhere else.
Flexibility and pragmatism make the best selling strategy in this confusing market where there is a great deal of ambiguity. There is low supply but this doesn’t necessarily mean high demand. Interest rates are low but so to a degree is confidence. Also, buy-to-let investors and second home buyers have suffered a setback through rising stamp duty. So if your aim is leaving your home – Hexit – negotiation is the name of the game and, like the UK’s exit negotiations with the EU, there will be plenty of strong argument and posturing but in the end there