August Property Market Review
The initial surge in buying activity tapered off slightly in early July only to bounce back strong again in August which is usually a quieter time. However, with schools having been closed, the difference between peak and off peak seasons has vanished for the time being and with many people staying at home for Uk holidays, people are still looking at property online and booking viewings.
There is a notable slow down on people listing property for sale. As expected, many are reluctant to take on higher mortgages in tines of economic uncertainty so many have decided instead to extend their current homes, renovate them or put off the move to a larger house until the outlook seems more clear.
Demand for first time buyer houses meanwhile has remained constant.
With interest rates being at the lowest level on record, demand for buy to let properties has surged and we have helped 22 landlords find their next buy to let property over the last 6 weeks! Many clients wish cash in the bank achieving next to nothing in terms of interest and being reluctant to enter the highly volatile stocks and shares market have found bricks and mortar a more stable investment and with the growing demand for rental properties, are getting better returns than previously.