19th
Jul 2017
A UK firm specialising in property searches for clients claims that more than 6 million homeowners are not living in their preferred type of home or area, and are staying put due to the unstable political situation.
James Greenwood of the firm said that the property market has always remained flat during times of Elections, Budgets and of course major political upheavals such as Brexit.
He said: “But since June 2016 we have been in a permanent state of political flux, and there is no end in sight. A big question mark hangs over our government, and there will be no resolution to the Brexit issue for several years."
Greenwood believes that the political uncertainly, higher interest rates being threatened, who could be running the UK and the financial impact of Brexit, are causing major concerns and putting people off from moving home.
He continued by saying: “Instead of getting on with the job of moving house, potential movers are dipping their toes in rather than jumping in. They are looking, but not putting their property on the market. So they have no clear idea of what their property is worth.”
He also believes that the public are not able to gauge the true worth of properties as they are appearing on "....the portals at an inflated price."
He says that the current situation is unlikely to change and that people must get used to it and carry on as normal.
He recommends that people who are looking to move should not just rely on the web and said: “Speak to estate agents about what you’re looking for. You will hear about many properties that might not appear on the portals, and start to build up a good picture about the market in your area.”
He also suggests that potential buyers should consider properties that are between 10 to 20 per cent above their budget, as it is quite likely that in many areas there will be flexibility on prices.
He added: “Our clients who have made a move in the last four years are sitting pretty, and are quietly smug. The market has been stable with no volatility to contend with, there has been plenty of opportunity for good negotiation, and prices for carefully selected properties have risen. Embrace abnormal, and jump in.”
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