Bychoice ask where next for the housing market?

One month since the historic Brexit vote, Jason Hydes, Branch Manager of Bychoice takes a look at how the local market is shaping up.

The market in Bury St Edmunds continues to remain buoyant with many new houses coming to the market and no shortage of buyers registering their interest in them.

One of the significant benefits is that Interest rates are expected to remain below 2% for the next 18 months, and with 10 year fixed deals available at under 3%, there is a ‘once in a lifetime’ opportunity for homeowners to secure exceptional deals, reducing inherent risk. Upsizing is also more attractive, especially if prices are expected to nudge upwards at faster rates than mortgage interest. If you’re a first-time buyer or looking to upsize, this could be the perfect time, contact Bychoice on 01284 769598 to find out how this market could be ideal for you. 

Marcus Whewell, CEO of The Guild of Professional Estate agents, comments, ‘The market (outside of London) actually looks steady and predictable. Prices are holding up, properties are selling (on average) for at least 99% of the asking price and withdrawals are no higher than pre-referendum. Mortgage rates continue to be the most competitive in history.’

London is a slightly different story, as Marcus Whewell, CEO of The Guild of Professional Estate Agents, explains: ‘Brexit essentially acted as a catalyst to the inevitable correction to the overheated prices present in the Spring. Offers, prices achieved and completions all adversely affected at least in the short term. The London market has always fluctuated more than the rest of the UK as overseas and speculative investments help drive activity. However, recent sterling growth should help restore some confidence, as should the early political appointments and the conciliatory tone being adopted from Downing Street.’

Marcus comments, ‘Looking at the bigger picture, there are strong reasons to believe the residential market will remain healthy for the next few years’.

Supply and demand remains high; the UK population is expected to continue growing by up to 50,000 per annum and to meet demand this the UK needs at least 200,000 new homes every year. Currently less than half of this number are being built. This is only amplified by the changes in trends and demographics such as more single-person households.

If you are interested in selling your home contact Bychoice on 01284 769598.