Yes we have the next twist in the Brexit tale – Will be leave, wont we leave, will we leave with a deal or without one? And so without an agreement from the politicians we head back to the polls once more. And today let me try and give you what I think are the different scenarios of what could happen next but first I’ll give you a quick thought on the market right now.
So first the market and right now it’s a simple scenario. Supply of new property is down and demand isn’t going nowhere.
RM reported this month a 13.5% reduction in sellers coming to market across the UK and for us although we haven’t seen that type of drop I can report a 3% reduction in new sellers over the last two months. But, and here is the critical thing, the level of sale have not changed and all that is doing is pushing prices higher with a 5.2% increase in the average asking price of property sold in October 2019 vs last year.
Ok so what about the Brexit and Election madness. How is the housing market going to respond. So my view is clear – we need the result that will provide the least uncertainty possible. Now the 12th of December will provide one of two results:
A clear result – Whoever that is they will be elected on their manifesto and clearly we have the extremes of leave without a deal and the other where we go back to vote again. At least with this we will have some clarity and a party able to deliver us one way or another out of this situation.
Hung Parliament – This is the result we don’t want for the country. No clear result means no certainty, means more people sitting on their hands.
So we watch on and in the meantime will continue to deal with the unwavering demand from buyers taking advantage of some fantastic mortgage deals in the market pursuing the best of whats left in the market.