09 Aug Interest Rate Cut
INTEREST RATE CUT FAST HOUSE BUYERS MARKET
At Home House Buyers we have seen all kinds of trends in the property market and at this moment in time, it is definitely a fast house buyers market. Since the Brexit vote and the buy to let rush has happened buyers have disappeared and vendors have started to panic. With prices getting slashed left right and centre, it’s the market to be buying a property.
Although figures tell a different story with prices across London rose again by 13.6% on the year, in the south and east of England prices also rose by 13 %. The full extent of the adverse effect of the referendum won’t come to light until the figures are released towards the end of September.
A new survey done by a national removals firm has suggested the market will slow further as one in eight pull buyers cancelling their purchase altogether in the wake of the referendum.
The survey also showed vendors wanting to up the pace of their sale to ensure they complete before the government invokes article 50, all in all, there is a lot of panicking going on both the sellers and the buyer sides. One thing is for sure is that if you’re in a good position to buy and are a fast house buyer you’re in the right market.
We are still very unsure how this will translate into house prices. Like every market it’s about supply and demand, if demand falls so will the price of your property, especially if the buyers out there are concerned about a further drop they will be offering lower than asking price.
On the other side of the fence, there is an acute housing shortage within the UK that is indicative to house prices rising at such a level in recent years. If vendors are willing to hold their nerve and they don’t decide to cut prices, this will help property prices and ensure there is a soft landing when it does stabilise.