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October Market Update

10 October 2019

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Hi, there welcome to our market update at the start of October. 

This is, of course, the beginning now of what we’ve considered to be the autumn market and literally everywhere I’m going people are asking me ‘marks how’s the market doing, whats going on out there?’

 It’s a really interesting time right now if you look at the world that we live in and this Brexit fiasco that’s going on around us.

 It’s hard to imagine that the market could be doing anything other than just slipping away into a small decline, but I’m going to come to that in a moment.

 You know because if you look around the UK, confidence at the moment in the UK confidence survey that’s produced once a quarter says that yeah, we are not in a great place but you what the fundamentals that sit behind it really aren’t all that bad. 

Inflation is pretty steady, interest rates are really low, and unemployment is generally speaking quite low. 

So the environment that we’re working in apart from this whole Brexit thing is actually not too bad, and mortgage availability as we’ve said for quite some month is also pretty good as well. 

So in turn what’s that’s doing is it's creating the market which is actually still got lots and lots of activity within it.

 So when people ask me that question ‘Mark how’s the market doing at present?’ I’m able to say somehow it’s doing okay.

 Let’s look at the bad bits, first of all, the number of buyers that we registered and the number of viewing that were attended over the last two months are actually down 8% on where they were at this point last year.

 But I tell you now the buyers that are out there are looking with intent because the number of sales that we managed to achieve through the months of August and September were actually up by just under 6%. 

More importantly, the value of your home right now, across our region is up by 3.85% compared to the same period last year and that is some really good news. 

I’m going to go further and I’m going to say that if Boris in all this madness is able to sort out this Brexit fiasco sooner rather than later, we feel like we’ve got, there is this sense of pent up demand that’s in the market.

So the question you’ve got to ask yourself is whether now is the time to try and beat that. 

Stay in touch with these market update and we’ll be keeping you up to date with what’s going on out there in the market. 

Thanks for watching.
 

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