How has the summer activity been for Bennett Jones?

The summer has been very busy with a strong demand for property. Bennett Jones have achieved a high number of sales and continue our consistent success in lettings, despite the post Brexit decision.

We have now had a quieter patch towards the end of the summer period, but the market is showing signs of improvement towards the end of September, which is the traditional seasonal pattern with a slower market when the children return to school and picking up with busier months in October and November.

What were your experiences in the run up to the EU referendum?

We were finding that things seemed to be going smoothly and it was not until a week before the referendum that the uncertainty started to slow the market.

I think people were reluctant to purchase until an in/out decision had been made.

It is the fear of the unknown which has the biggest effect.

Have you noticed anything different or unusual in the post-Brexit property market?

Initially, we noticed the immediate effects which were the loss of confidence in the market and economy, leading to a loss in sales and activity.

This was short lived and I think that once buyers realised that the implications were not as once feared, confidence returned and the market returned to normal.

The longer term effects are still yet to be experienced but there is a national shortage of property and strong demand, so I am sure we that the long term prospects for the housing market are strong.

The Council of Mortgage Lenders reported a 14 per cent fall in the number of loans from June to July this year but added it was still too early to assess the impact of Brexit on the UK property market while some estate agents are saying, several months after the vote, it’s now business as usual.

What is Bennett Jones’s position on this?

Mortgage approvals are the lowest since January 2015, and our Independent Financial Advisor, Philip Priest, has confirmed a further reduction recently.

With the Bank of England recently cutting interest rates to 0.25 per cent in August, interest rates on mortgages are very appealing, but lending seems to be increasingly difficult.

The most important factor is to secure a mortgage that has been tailored to your individual needs, which is exactly what Philip Priest can do.

With lending becoming more difficult, now is the time to seek our assistance in finding you a home.

Our independent financial advisor is at hand to find you the best deal as he has access to the whole of the market and can utilise the current low interest rates available and allow you to obtain a mortgage.

How do you think the Monetary Policy Committee’s decision to reduce interest rates to 0.25 per cent will affect the property market?

Mortgages are now much more appealing to buyers, with mortgages being more affordable, this will encourage buyers, particularly First Time Buyers, to get onto the property ladder.

More affordable mortgages will draw more buyers wanting to make the most of the historically low interest rates.

With this increase in demand for housing, house prices should begin to rise.

Average asking prices nationally have steadily risen since the start of the year, dropped July and August, and are now starting to rise again.

Here in the South West we have followed the national trend, but with a negligible change from August to September.

I would expect the South West to increase in asking prices in the coming months, especially as the market is picking back up again.

This may be further fuelled as demand for housing is still outstripping supply.