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.
"Thank you so much for all your help with the sale of our cottage. With the excellent photos and description it sold quickly and when we were held up with the completion by one of the solicitors all members of staff were helpful and understanding. I cannot fault the service we were given at all and would not hesitate to use or recommend Sowerbys again. Also where else will you find an estate agents with a member of staff willing to look after your cat whilst moving when the proposed completion date kept changing. Thank you again to everyone. Wendy and Billy Graveling"