Market Brief: Confidence slowly returning
It’s been a roller coaster month in the property market and wider economy following on from the snap Election and the sense of uncertainty following the surprise result. Last month we commented that the Conservatives expected to form a majority Government however they are now in a minority Government with the support of the DUP.
We are also at the start of lengthy and complicated Brexit negotiations at a time when the property market desperately needs stability. I think most commentators believe that the situation is messy and uncertainty is always going to be unwelcome news in the property market which thrives on confidence. However, now that the dust appears to be settling, there has not been a great deal of change economically and the belief that the current Government are likely to relax austerity in line with the Electorate’s wishes some confidence is starting to return. There has already been a feeling across the market that life continues and buyers and sellers alike want to get on despite the uncertainty. I also believe that the Electorate is weary of Elections and believe that bricks and mortar are a safe haven for their money.
Recent house prices indices show that although there is a slowing in the rate of house price growth, prices remain stable and locations such as York are highly sought after. The shortage of supply to the marketplace of new properties continues to create demand when the right houses come available and I cannot see this being any different over the summer months and into the autumn.
We have recently released a new development on Melbourne Street which is also already creating early interest and we look forward to releasing the eight houses on Nelson Yard to the market later this summer.