“Welcome to our market update.
Here at the end of the summer, the kids are on their way back to school and we’re now thinking about turning our attention to the second busy phase of the year.
I am pleased to report it even with everything that’s going on around us, all that Brexit turmoil and the Commons votes that are coming up we’ve seen a really good level of activity across our network.
The two months of July and August in 2019 actually produced 5% more sales and more properties going under offer than a year ago. That is actually quite astounding if you think about everything that’s going on in the world today.
What’s that meant for price growth? Well, of course, the weight of demand that’s out there in the market is pushing prices up.
So if you’re selling your property today, you’re going to achieve on average 3.5% more than you would have done a year ago if you were thinking of selling at that time. Surely again that’s got to be good news?
I can also report that in the lettings market, since the Tenant Fee Ban came into being at the beginning of June, we’ve seen again a bounce in rents, a big bounce; 4.5% increase in just over 3 months, in the value of properties being rented.
People are adding £50-£100 onto the rent, as landlords seek to recoup their loss throughout other means.
Not great news for tenants, but great news for the lettings market as values continue to rise there.
All of this is against a backdrop of real uncertainty, and I think fundamentally we’ve said this many times before, as long as the availability of mortgages at a good rate remain in the marketplace- I don’t think we’re going to see much change around us.
Of course, we need to stay in touch with what’s going on. We’re interested in seeing the result of the historic Commons vote this evening.
Another history commons vote this evening and we’ll keep you up to date through these market updates on what we think is happening in the market.
It’s keeping our things moving forwards, thanks for watching today and we’re back on film very soon for some more market updates, thanks for watching.”