Roger Wilkinson of Exeter based national award winning agents, Wilkinson Grant & Co. says:
“Whatever people’s political persuasion, this decisive election result will help restore confidence in the markets – none more so than the property market, which has always been a key driver in the UK economy and, as ever, always driven by sentiment.
“After years of many people holding off their property plans – homeowners, developers, investors and first time buyers can now look ahead without that cloud of uncertainty on the horizon.
“Transaction numbers and not property prices are the key to a healthy, fluid property market and we predict a surge in transaction volumes as the post -election (and soon to be post-Brexit) “Bounce” takes effect. Particularly here in the South West “hot-spots” including Exeter – the fastest growing city economy in the UK – and East and South Devon.
“Undoubtedly, in the short term, that bounce will have an effect on house prices, as the current shortage of supply here in the Exeter and East Devon, in particular, meets the traditional late festive season and early New Year surge in demand – boosted by the “cork being taken out of the bottleneck” of people who have been holding off on moving over the last year or so.
“With the result of this election, we foresee an increase in both casual and also institutional investors will further add to demand and result in a very busy first quarter of 2020
“For those who may be thinking of selling, it will be the early entrants to the market that benefit most from this high demand and – no doubt short term – current depleted stock levels and low numbers of fresh properties coming to market.
“Those, who have in recent months taken their property off the market (or we’re thinking of doing so) with a view to selling in the Spring or summer, should maybe re-think and bring forward their plans.
“On a wider note, but again focusing on the UK housing market in general, this new government will undoubtedly look to accelerate the previous administration’s intent to overhaul the buying and selling process. Plans are already in place to trial binding reservation agreements, along with other initiatives to speed up the buying and selling process and to reduce the recently increasing number of aborted transactions.
“After years of Brexit uncertainty, arguments and debate stifling progress in many key areas of government, we can now look forward to a period of stability and purposefulness – and hopefully a new forward-thinking Housing Minister with seniority and a proper understanding of the housing market. Even better, one who will be in place for a number of years and halt the “ Merry-go-round” we have endured over the last decade or more, in this key ministerial role.
“No doubt the post election and Brexit “bounce” will settle as the year progresses but in the immediate, if you plan a move in 2020 – start chatting with your agent now and make plans to get your property ready for sale early in the New Year.
“In the last twelve months, here at Wilkinson Grant & Co we agreed, exchanged or completed on over £255M worth of property from our Exeter and Topsham offices – in 2020 as we enter our 25th year in business, whether buying, selling, letting or renting , we look forward to helping many more people across the county move forward with their property plans. We work closely with agents across the county to help achieve the best results for our mutual clients. So, whatever your property needs, we are keen to help”.
If you are looking to purchase or sell your home please contact Wilkinson Grant & Co for free impartial advice or a no obligation valuation on 01392 427500 or email email@example.com