Positivity - Nova News Editorial August 2016

Following the vote to exit the EU one national newspaper reported that cuts in asking prices for property in the London area increased by over 160% in the 12 days following the result. The same newspaper went on to say that with the reduction in asking prices and the fall in the value of the Pound against the Euro and the Dollar this made London a much more affordable place for overseas purchasers to buy than before the vote.

How may this affect us? Well not directly, although if prices start to decline in the capital the same is likely to occur throughout the country. We live in an area of England which is very affordable and a significant number of buyers from the South East are seeking to invest in this part of the country as they are able to get a sizeable property for their money when selling in an area of significantly greater prices.

The doom and gloom forecasting by the remainers, following our exit vote, appears to have settled down somewhat and it is encouraging to hear positive vibes coming out of Westminster. Civil Servants will no doubt be working feverishly in the background to set up trading deals with new partners throughout the globe. Indeed the Australian Prime Minister is reported to have contacted Downing Street to offer the possibility of tariff free trading between our two countries, although nothing can be signed until we have completed our withdrawal from the EU.

As for our local property market, if we do see a weakening of the market is not all bad news. If you are moving up market you will get a better deal as the price differential between buying and selling is lowered. There are also lots of good mortgage offers available, fixed term interest rates etc., which your mortgage advisor will assist you with.

Most important of all if you are buying for the long term, especially if you have a growing family and the property is the right house for you now do not be put off buying, be positive and go for the house you really want. If you do not you may well look back and wish you had bought it at the time. There are sure to be some good value properties available as there will always be properties, which people just have to sell for whatever reason. Just take a little more time and don’t be afraid to make an offer based on the asking price.

If I can be of any assistance with any property related matter please get in touch.

Andrew Mason FNAEA

Call me on 07507 928008. You can also follow me on twitter @Andyvalues1551.