Exchanges are up 15.2% compared to the same period last year, suggesting that the unpredictable market that emerged in the wake of the Brexit vote is starting to settle down.
Colin Bradshaw, Chief Customer Officer at TwentyCI*, said: “Last year’s volatile market is starting to subside as people begin to experience ‘Brexit fatigue’ and are getting on with their lives. The drop in house prices compared to the previous quarter is likely to be due in part to the slowing economy, and concerns about the potential rise of interest rates on top of the usual summer slowdown.”
As we identified in our blogs earlier this month, there are fewer younger home owners. Bradshaw said: “As the rise of the more affluent and older home owner continues, conversely we are seeing real evidence of the Millennial squeeze. Homebuyers aged 18 to 35 have fallen by 13% compared to last year.”
2017 Third Quarter
National average is therefore only 50% of properties sell. At Orchards Estates, thanks to our qualifying process and dedicated sales progressor, nearly 90% of our properties complete.
In the South West, there has been a decrease in numbers of properties exchanged. This difference is down by 6% compared to the same time last year and down by 7% compared to the last quarter in 2017.
Despite the marketing machines behind the online agents, they are only exchanging 5.4% of properties in the market. This means that people are paying up front and losing that money when they change agent (over 60% people do!) or the sale falls through, which we know is happening 50% of the time. You must be a keen gambler to risk those odds!
For any property advice, please just get in touch 01935 277977 or 01460 477977. We’d be delighted to help.
*Looking across the whole of the UK property, TwentyCi has access to more than 29 billion qualified data points across both purchases and rental in the property market. The latest quarterly report is now out. See link below.
Sources:
Property Academy, Home Moving Trends 2017
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