Buyers who are looking for a new property as we edge towards the October 31st Brexit deadline have strong negotiating opportunities according to new data from Rightmove.
We are into the start of the autumn activity typically that typically starts when the children go back to school. However, prices in the UK have generally fallen for the first time in the last eight years – although here in Glasgow and East Renfrewshire prices have still risen by 3.3% when compared to the same period last year (the previous year saw a 5.6% rise).
Across the UK, the number of sales being agreed across the country is also down compared to the same period last year with a drop here in Glasgow and East Renfrewshire. UK wide there has been a 5.5% drop whereas last month there was a rise of 6.1% sales agreed reported by Rightmove. Although this is just a month snapshot overall the average sales agreed numbers are only down by 3.4% on a year ago.
The referendum was over three years ago and since then many people have been getting on with life amid this long term uncertainty. However, as the deadline looms closer, some people are starting to hesitate and are waiting to see the outcome. The usual autumn bounce is delayed due to Brexit and it’s believed by some market narrators that the autumn activity may be missed and delayed until Christmas and the new year.
Those who are moving regardless could find that their negotiating position is stronger as a portion of those wanting to move hesitate until after October 31st.
According to latest figures, fewer property owners are putting their homes on the market due to both uncertainty and a lack of properties available to make an offer on.
The average property price has not seen the same rise as last year, although we are somewhat in a bubble here in East Renfrewshire as demand for family homes close to some of the best country’s schools always remains high. The picture is completely different in the South and especially London where properties are 2.1% cheaper than they were a year ago.
It’s not all negative as buyer activity is still at 95% of what it was a year ago, but with fewer sales being secured sellers need to be more willing to negotiate with buyers in order to secure a sale.
If you want to talk to us about the market here in East Renfrewshire – contact Nicol Estate Agents today.