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Fireworks in November?

As I write we have about 6 weeks to go until our Christmas break.

As I write we have about 6 weeks to go until our Christmas break.

The Sales market can and does remain active late into December as many overseas buyers are here visiting or on a scouting mission.

As I see it, the current market has static risk and fluid risk.

The static risk (i.e. where we are now) has been discussed comprehensively and is mainly now priced into the market. The fluid risk (i.e. what happens from now on) is what concerns most people and a lot more difficult to quantify.

The Bank of England finally raised base interest rates by a mere 0.25%. The move itself is too small and not generally expected to make any real difference on its own. The voting bias of the Monetary Policy Committee of 7 to 2 in favour indicates the future direction of travel and suggests that the bank will raise again (and again) if the need requires.

This is classic forward governance by the Bank and this willingness to raise may actually prevent them having to do so. Such is the topsy turvy world of monetary policy.

Our Currency is weaker than it has been, as is our PM’s position. Growth and inflation levels are higher than expected. All of which can be read both ways when divining future price movements.

The most recent of our larger sales have been blissfully unconcerned with all these economic complications. Both sellers wisely listened to us and set the prices to represent all the current criteria. Both buyers had needs-driven reasons for buying and recognised accurate pricing when they saw it.

The market as we see it is interesting rather than confused. Rod and I have run the sales desk for 15 or so years and have seen most things before. Buyers and sellers need to believe that they are both getting the best possible advice from the agents. It is more than possible to offer impartial advice to both sides. Indeed this is what separates the exceptional agents from the rest.

If you would like to call and discuss or comment, please do.

Adrian Philpott 
Associate Director 
0207 240 3322

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