Property Market Update
Despite the slowdown in the property market in London and the South east which have seen house prices falling the over the last 3-4 years, the market in the Nottingham area has been flourishing during that time. An increase in demand and subsequently an increase in prices has been helped by good publicity. Nottingham has become a leading destination for investors and students alike which has helped to lift the profile of the City. In September 2018 everybody was anticipating the usual business that comes following the summer holidays. This did not happen. It seemed that the uncertainty of Brexit had finally caught up with us even though we were still six months away.
Demand for property has been somewhat low for these last ten months. This is partly down to people holding off from putting their properties on the market for sale until there is some more certainty about what is happening over Brexit. This means that there are fewer properties available and as those people are not selling there are fewer buyers too. It is not all doom and gloom though as FHP Living continue to be successful in the areas that we specialise in. Since January we have seen an increase in some of these areas in demand and people selling, in addition we have seen numerous buyers that are moving from the South looking for cheaper and affordable housing. In addition, those people that are currently looking are more serious and more likely to buy a property.
The Brexit question continues to be unanswered and in reality, nobody knows if it will or will not happen. What we do know is that regardless of this people do still need to move house for numerous reasons. Whether we leave the EU or not most people will still make the same move that they are currently putting on hold regardless of what happens. My advice to anybody thinking of moving is that if you have made the decision to move – move! It does not matter what time of year it may be or what is or is not happening on the political landscape. If you hold off you may just miss out on that perfect home or the perfect buyer!