Market Brief: Increased positivity in the market place
May has proved an exceptionally busy month despite the General Election and Bank Holidays. Traditionally General Elections cause the market to slow, although with the outcome of this General Election perceived to be a foregone conclusion, this has had less effect.
There continues to be a shortage of houses coming to the market and some of the most popular areas have seen sales achieved in just a few days. There are a number of new smaller developments in the pipeline for York and whilst creating interest, this will not plug the ‘need gap’ for new homes required in any number. With interest rates remaining low and 12 months since the Brexit result of the EU Referendum we are certainly seeing more positivity in the market place.
The changes in taxation affecting the investment market has put first time buyers onto more of an even playing field and young people, many with the help of the Bank of Mum and Dad, are now searching for their new home.
The main factor holding the market back is lack of stock so hopefully we will see a good volume coming forward over the summer months.