House prices rising despite uncertainty
OFTEN new year is a time to reassess financially and set plans in place for the year ahead. Moving home or staying put can play a big part in that.
Nigel Read, partner and joint head of the property team at law firm SAS Daniels, has local knowledge of the current factors at play in the Greater Manchester property market.
He offers some insight: “Depending on which factors you will consider to be most prevalent could mean it’s a good time to either buy or sell,” said Nigel.
“Firstly, it depends on when you purchased your property as to whether the market has moved to a point you can take a profit or whether you are looking at a loss.
“Then it also depends on whether you have bought as an investor or if you are a householder.
“You also need to consider whether the full effects of Brexit have happened.
“While Article 50 hasn’t yet been triggered, the FTSE is at a remarkable high, the value of the Pound is still weak against the other major currencies and the cost of living is going up - the cost of petrol has reached a 20-month high - yet the economy is regarded as being strong.
“Some economists think the economy will continue to suffer for years after Brexit, while others think the opposite.”
With some outcomes of the events of 2016 still to be exposed, Nigel continued: “The fact remains that as far as housing is concerned there has been a shortfall for years in new house building against targets and the shortage of supply has driven up prices.
“Some estate agents in the region are expressing concern about the current low level of housing stock and one hopes that this may change in 2017 as home owners become more confident about Brexit and the economic cycle.
“One leading national company that works alongside a number of local estate agents, introducing buyers and sellers to solicitors, has recently reported that the volume of introductions of new cases to solicitors dropped by 20 per cent in the south last year after Brexit.
“However, introductions in the Greater Manchester area have only dipped by eight per cent which suggests that the property market in this area may be stronger at the moment than in other parts of the country.”