- Fri 28 Jun 2019
South West Agent Bradleys Estate Agents who have 31 outlets spanning Somerset, Devon and Cornwall confirm that there has been an increase in property transaction activity thus far in 2019 compared with the same year to date period in 2018.
Chris Baxter, Managing Director of Bradleys E. A. suggests that the closer one lives to London the more Brexit has affected buyer and seller sentiment, negatively, whereas the general populace in the South West is all about getting on with life whether it be moving up or down market, purchasing for investment or indeed the first time purchase. Chris maintains that buyer confidence is far higher in this region compared with evidence further afield.
Looking further into different segments of the market, first time buyer numbers are definitely up especially with new homes purchases aided by the Government backed scheme of “Help to buy.” Those are that are seeking to move up market within the region are also finding a way of bridging the gap between a first and second time purchase perhaps helped by some wage inflation in the last 12 months. This is a phenomena that was missing up until recently mainly due to the financial crash in 2007/8 which crushed confidence in the middle market but now appears to have eased.
The South West has always been alluring to those looking to retire or change a lifestyle who are currently living in the homes counties and afar and this is perhaps where the market has seen least activity. Traditionally buyers would find their ideal home in the South West region and would be assured that it would only take days to sell their own home backed up by a booming market in London and surrounding area. This is no longer the case as the statistics suggest, that whilst provincial areas are faring well, London and the Home Counties have seen price falls and extended periods with unsold property. This has had a knock on from these buyer groups especially in the £500,000 to £1 million price range. However this has not meant any collapse in this sector, just a delayed timescale to get sales tied up.
Bradleys E.A who owns a mortgage and surveying division also back up the emerging trend for increased transactions as both departments report month on month increases in business.
With Brexit having now been delayed to October or beyond the outlook for the rest of the summer is looking good. Stable house prices, more competitive mortgage products and an increase of property coming to the market are likely to be contributing factors to a buoyant market place into the 2nd and 3rd quarter of the year. Above all, Chris Baxter senses that buyer confidence is not only there but gradually increasing and is perhaps the most important ingredient in any market place.