Spring is in the air, the clocks have gone forward and Easter is upon us. All of this is of course very predictable.
However, things have been pretty unpredictable in the housing market over the last year. That’s not just down to Brexit and its impact on the economy. Government policy has also muddied the waters. The buy-to-let sector seems to have borne the brunt of new legislation but the wider UK market has been fairly resilient.
So, what are we expecting this Spring? The government has made much of its plans to encourage more house-building. Realistically, however, the long-term shortage of supply will take years to correct. The resulting imbalance between supply and demand will help support house prices across the UK for the foreseeable future.
In Paddington & Bayswater the market is more conflicted. After 6 years of strong growth the aggressive Stamp Duty levels applicable to investors, second homers and overseas buyers continue to dampen enthusiasm above £2million. Our weaker currency, resilient economy and the rule-of-law mitigate this to some extent when viewed from an overseas perspective.
Vanity pricing absolutely does not work in this market. If you, or your Agent pitch way too high then there will be no interest or genuine enquiries, let alone offers leading to sale. Presentation is becoming more important as buyers need to feel that this is the correct property for them and will walk away from anything that does not tick most of their boxes. Good buyers are becoming as much of a commodity as sellable properties and in this respect the market is as balanced as I can remember it being.
If you are thinking of putting your property on the market, now is the time to give me a call. We can give you a realistic valuation and a few pointers to make sure you put your property on the market looking as good as it can at one of the best times of the year. As ever, I am always happy to discuss the market.
0207 467 5770