An uncertain future

BEING only two weeks away, the EU referendum is looming with questions inevitably being asked as to how this will affect the property market.

There are a number of ‘ifs’ and ‘buts’ however long term forecasts are normally speculative.

Before any major event there is always going to be a sense of uncertainty which in turn can lead to a lull in the property market in the weeks building up to a vote as buyers and sellers become distracted and approach any decision with an err of caution.

Recent polls have suggested that the vote will be extremely close, which has therefore emphasised the hesitation amongst buyers and sellers.

Much like the General Election last year we foresee that there may be a slight hangover period post the decision as people readjust to any changes that may be made or typically wait for the dust to settle; either way decisions and plans amongst buyers and sellers will be re-evaluated before moving forward.

That said the market is still buoyant at the lower end with transactions going through at a rate that would be expected for this time of year.

Having just finished our financial year it is a time for reflection and a good opportunity to review the market and trends that took place in the last twelve months.

In the Cirencester office of Strutt & Parker we have achieved 98.7 per cent of our guide prices with 40 per cent of sales selling for the guide price or above, this would suggest that buyers and sellers expectations are equally matched.

At this time there are many buyers complaining of lack of stock coming to the market which would suggest to any vendor that it is a good time to be selling.

This said buyers have far more information available and will know if a property is overpriced and can lead to properties sitting on the market for a number of months.

We believe that a house that is priced fairly will elicit interest and inevitably sell far quicker.