Thu 30 Jun 2016
We have now had a week to start to see what effect the referendum has had on the Norfolk property market. To put things in perspective, since last Friday we have had more offers than in the same period last year and just slightly less sales being agreed, but many are in negotiation. See the video from our Holt office below
Undoubtedly leaving the EU will remain in the headlines for some time to come, but looking at things from a factual basis we see no reason to be concerned about buying or selling property:
1. There is still a National shortage of property with demand out stripping supply.
2. Norfolk is of course still one of the best places to live and highly desirable to those outside the area.
3. Interest rates are still incredibly low making borrowing very attractive and the Bank of England have made it clear they are going to keep things under control for the foreseeable future.
4. With interest rates so low, savings look less and less attractive and long term property investment still looks the sensible choice.
5. Many major lenders have indicated that they don’t anticipate any change and there has been nothing to suggest high street lenders plan to change criteria.
6. Mortgage borrowers have a huge choice of competitive deals on offer, generally at record lows.
In summary, there is no banking crisis, the stock market has recovered well, the economy is good. Property is in the UK's DNA: we love it, it's tangible and above all, other than gold, history shows it's one of the best long term investments you can make.
"We are thrilled with the great service we have received from Sowerbys. The Dereham team are all professional, approachable, knowledgeable and friendly. Their marketing materials, especially the photos, are second to none. We listed our cottage twice with Sowerbys and both times had a sale agreed within a week. When buying or selling Sowerbys are extremely easy to deal with, helping to make the whole process as seamless as possible."