Regional Housing Market Update
Company news : 01 - 08 - 19
Andrew Lodge Estate Agents in Farnham recently received a regional housing market update from The Guild of Property Professionals, which focuses on the South East. Despite uncertainty around Brexit the report makes for some positive reading and highlights interesting points regarding the local and national property market.
Andrew Lodge, Managing Director, comments: “According to the findings we have experienced an economic growth of 1.4% across the South East when we look at GDP growth between Q4 2018 and Q4 2017. There has also been a 2.7% increase in residential transactions, rising from 99,060 in Feb 2018 to 101,780 in Feb 2019.
“While the spring market was fairly subdued, the Royal Institute of Chartered Surveyors (RICS) expect both sales rates and price growth to pick up across most parts of the UK over the next year.”
On a national level the report notes a lack of properties available to buy is holding back demand. After Brexit uncertainty, agents in the latest RICS Residential Market Survey cite the lack of stock as being the second biggest challenge to the current market.
According to Andrew Lodge, his team are bucking the trend and he said:
“At our Farnham office we actually have plenty of stock to meet demand. Over the last year our sales team have continuously taken on properties in the £400,000 to £1 Mil plus price bracket. We currently have a very exciting portfolio of properties which is very positive.”
Ian McKenzie, Chief Executive of The Guild of Property Professionals commented in the report: “Despite Brexit uncertainty, there are plenty of places up and down the UK experiencing resilient market conditions. First-time buyer demand is strong and mortgage rates remaining low. At the same time, employment levels remain high and wages are rising faster than inflation, which is encouraging news for potential buyers.”