It's Not All Doom and Gloom in the Property Industry
It’s certainly not all doom and gloom in the property market, and not least what the media would have us believe.
Optimism continues to prevail in the property investment market. In fact, property remains one of the safest areas to invest, particularly in specific places in the UK, and the right location is paramount in this rental market.
It is, without doubt, a buyer’s market currently, and with rates continuously rising, there could be a 25%-35% decrease in the average property values, and it is hard to gage how long it will take for this to recover.
However, people move homes for many varied reasons, and that will always be the case. Iain McKenzie, CEO of The Guild of Property Professionals, states, ‘Let’s not forget though that house prices have been rising at unprecedented levels in the last couple of years, and a slight readjustment in the market was going to happen sooner or later.’
Even if interest rates do rise, it’s nothing compared to the credit crunch of 2007. We must also point out that it is easier to get a mortgage approved now, so this mortgage availability will keep the property market moving.
Managing Director here at Pattinsons Estate Agency, Caroline Pattinson, maintains, ‘We saw an increase in the number of properties coming on to the market in November. In some instances, people were postponing marketing their property until they saw one to buy, and now more properties are coming on they are confident that they will find an onward purchase. Some sellers are downsizing, some are upsizing, there are lots of different reasons why people buy and sell.’ Caroline goes on to say, ‘We are still selling 25% more properties than we were in the years preceding the pandemic. We are back to a more normal market, and when I speak with our staff, it is realistically a market similar to how it has been for ninety percent of their careers!’
If you are considering moving, we would be more than happy to arrange a FREE valuation.