Fri 11 Jan 2019
Back in September 2018, the Bank of England put stress test measures in place to assess a worst-case scenario that house prices could fall as much as 35% over three years as a result of Brexit. But the market has been much more resilient than predicted and Sowerbys are seeing significant year on year improvements.
Following on from an 85% increase in instructions in December 2018 compared to December 2017, Sowerbys have had a great start to 2019. So far this year, viewings are up by 55% and market appraisals are up 35% in comparison to the same period in 2018.
These statistics may only represent early days, but they are encouraging and help to underpin a continuation of the healthy property market we have been experiencing in recent months. Despite the imminent Brexit decision, buyer interest is still high if the price is right, and vendors are making the most of that.
The last 12 months have seen heightened political uncertainty and a sluggish year for house price inflation. Yet, Halifax, one of the UK’s biggest mortgage lenders, has reported that the average cost of a home rose by 2.2% in the final month of 2018, which was the fastest monthly rate in almost two years, and on an annual basis, house prices rose by a stable 1.3%.
The figures are even better on a regional level. The average price of a home sold in Norfolk last year increased by 2.6% which goes to show how the local market remains robust.
With less than 90 days to go before we’re expected to leave the EU, these figures defied predictions and are a sign of strength for the Norfolk property market.
Traditionally, the market in Norfolk tends to buck national trends and Sowerbys have had a strong start to 2019. So competitively priced properties will continue to generate interest and give us real cause for optimism in the coming months.
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