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Market Conditions Blog By Nesbits

Published: 12th November 2022 15:02
A little hope on the horizon!

 

Despite the media painting a rather negative picture in recent weeks, there are great reasons to buy now. Don’t believe us? Read this short article to find out why…

It goes without saying that buyers and sellers look for certainty in the way ahead in order to plan for their move and this is lacking at the moment. Consumer confidence is at an all-time low in many areas of the UK economy.

There’s a flurry of projections around 2023 and how things will play out but, the reality is, no one really knows. No one has a crystal ball to see what the future holds for buyers, or sellers.

Read on for 5 reasons why there’s still hope in the property market

1.Historically bricks and mortar have proven to outstrip most other forms of investment. With house prices following a long-term upward trajectory, properties are often sold for more than when purchased. If you are an investor, you are likely to see capital growth as well as the reward of regular income.

2. Rents are increasingly rapidly with monthly costs often in excess of corresponding mortgage payments.

3.The Government’s decision in September of this year to reintroduce Stamp Duty concessions have meant significant savings for hard-pressed first-time buyers.

4. In a quieter market, there isn’t the rush of applicants fighting for properties, a ‘feeding frenzy’ with the consequence of more buyers being disappointed than satisfied. In some cases, this could mean less risk of overpaying for a property or being frustrated with your offer not being accepted.

5. Here’s a few figures from some of the properties we’ve sold which have proven a great investment.

  • Three Bedroom Flat, Bramsdon Court on Southsea Seafront sold in November 2007 for £360,000 then sold recently for £665,000, an increase of 85%.
  • Two Bedroom End of Terrace House, Kingsley Road in Milton brought in September 2017 for £179,000 and then sold in February 2022 for £238,000, an increase of 33%.

Don’t stop planning if you want to move

It’s still a good time to put the wheels in motion whether you are a first-time buyer, looking to relocate, or in rented accommodation with plans to buy. No one with long terms plans for their new home should be put off buying by short term fluctuations in the market.

Buying a property can be a lengthy process can often take 3 to 6 months from viewing to completion stage. Getting the ball rolling means you are one step closer to achieving your property goals. It is also worth noting that properties prices are starting to show signs of falling so now is a good time as ever. The sight of price reductions on the property portals should encourage buyers to take the next step. If you see your ideal home, buy it. 

 We also published a recent blog from #rightmove which looks at how the Housing Market is still favourable compared to 2019, pre-pandemic figures. You can read this here.

 You may have questions about all the above and more so why not give our team a call and discuss how we can help ease your mind during your property journey.

 


 

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