Contributed by Benham and Reeves
8/01/2020 - Benham and Reeves
Halixfax housing market has exceeded expectations, Director of Benham and Reeves, Marc von Grundherr, explains:
“Whether or not you agreed with the outcome, last month’s election helped to reignite the smouldering embers of an otherwise weary property market. Not only is this boost immediately evident within December’s monthly and annual top line growth, but those of us on the front line also enjoyed an almost immediate uplift in buyer interest and commitment to transactions.
Yes, we’re far from over the line and of course, a large degree of uncertainty still remains until a deal is officially done, but even a mere step in the right direction has been enough to steady the ship considerably and this bodes well for the year ahead.
“While mortgage affordability remains very favourable, we’ve also been promised an economic boost via the first budget in four decades as a non-EU member state, all of which should help build buyer confidence and continue to re-stimulate house price growth.”
Founder and CEO of Stone Real Estate, Michael Stone, added:
“There’s no denying a protracted Brexit process has left the wider property market battered and bruised and as we head into a new decade, it’s important we ease the political plasters from its bloody knee rather than tearing them off in one go. Even with these positive, early signs of a rejuvenated market.
An unyielding appetite from the nation’s aspirational first-time buyers and a resolute new build sector have ensured that while the rate of price growth has been muted, there has been no meaningful declines. With the worst now hopefully behind us, these two areas of the market should continue to go from strength to strength over the coming year and help drive performance back to previous health.”
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