Property Market Comment - October 2017
Uncertain Times for Property Market
As autumn advances and the winter months beckon now is an opportune time to reflect on the property market in 2017. The view generally at John Goodwin is that the market has been patchy and unpredictable, and this pattern is to be seen across most parts of the country. At John Goodwin we have found that the market locally has shown great signs of resilience and the area still remains one of the most sought after and popular in the country.
In the last three years there have been two general elections and one referendum and the inevitable consequence has been the creation of uncertainty. Regardless of individual views concerning the advantages and disadvantages of Brexit we now find ourselves in unchartered waters with as yet no clear vision as to what the future holds.
Despite this, the property market locally has held firm and the sales levels achieved at the four local offices of John Goodwin have remained consistent throughout the last three years. This has been achieved against the backdrop of falling levels of new instructions which has been the pattern throughout the country over the last two years. Happily for all our staff and clients at John Goodwin we have received an increased level of new instructions so far in 2017.
The residential lettings market has remained strong throughout this period and demand has generally outstripped supply. In the commercial market there has been an increased supply of industrial space available but a very high percentage of this has been successfully let or sold.
The positive side to the property market was reflected in our property auction last week where six properties were offered for sale and attracted a massive turn out of prospective purchasers. Each of the lots was sold and some very competitive bidding resulted in sale prices well in excess of pre-auction estimates.
John Goodwin FRICS