According to Andre Benest, managing director of Benest Estates, the housing market is experiencing a boom similar to pre-recession activity, with some properties being snapped up within 24 hours. Market activity has increased over the last 18 months, particularly within one, two and three bedroom properties.
The contributors to this prosperous time could be the increased confidence among employers, more investment purchasers and UK and international politics. The news comes at the same time as the petition to build more first time buyer homes is being launched.
“The market is very busy. There are not enough properties to meet the demands of the buyers. It is cheap to borrow money at the moment,” said Andre Benest. “A lot of people are looking to purchase and there are more investment purchasers who have never looked at investing before but who have not been making any interest on their money.”
House prices are rising due to the increased demand and the wages that go up. “There is a lot more confidence within employers after a lot of holding back. People were not getting pay rises a few years ago but it is becoming commonplace,” added Andre.
Roger Trower, managing director of Broadlands, said that the more expensive market is also seeing a boom. “The £450,000 to £650,000 part of the market was really not doing so well but that is beginning to move. People want to move out of their flats or small cottages. On top of that, the £1 million to £2 million market is busy as well. There are a lot of up and coming couples.”
When asked how long a property would currently stay on his books, he replies: “Two phone calls. If something is on that is really good and priced correctly it will sell to the first person who turns up.”
“There is a general feeling that the world is not going to end. Brexit and Trump – life goes on. We are also seeing an influx of people trying to move offshore because of the chance Corbyn might get in,” Roger concluded.