More of the same expected for 2019 property market
There’s no doubt that 2018 has proved to be a challenging market, although compared to many parts of the country, we didn’t have it too bad. With overall transactions declining across the country, and continuing price drops in Greater London, the usually less buoyant market in the North has certainly ‘held its own’.
Overall Robinson Hornsby’s sales remained at a similar level to 2017, and some of the traditionally stronger areas such as Tickhill ,Bessacarr and Sprotbrough saw small price increases, albeit only in the lower to mid price ranges (£150,000 – £350,000) The upper end sales remained tough, although with new investment in the area, we did see some good high value sales to buyers relocating from other parts of the country.
Reports that completed house sales saw a drop of over one million transactions over a comparable 30 year period (1976 compared to 2016) suggests that there may be a shift in habits for the British homebuyer. Could the reason be simply a lack of affordability, forcing people of all ages into the rented accommodation, and making the ’20 somethings’ live at home longer, or are people generally more accepting of the long term prospect of renting? Minimal wage increases, stable (or increasing) prices and lack of funding can all be factors slowing down the market, but in essence, the British public still strive to own their own home.
Regardless of market conditions, one thing has always remained true, houses do sell! Having worked through every type of market, the fact remains that effectively marketed homes, priced correctly, will find a buyer. Contrary to the old saying, it isn’t all about location, not everyone can afford the prime locations, and very often, its the ‘bread and butter’ mid range homes that generate the strongest demand.