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Fine & Country Derbyshire Market Update – February 2019

Fine & Country Derbyshire Market Update – February 2019

Hello, Lee Armstrong here from Fine and Country Derbyshire.
– Just to let you know the latest national market report for February 2018 has just been released with more interesting facts about the national market. If you are watching on the Fine and Country Derbyshire facebook page the full report can be accessed on the Hyperlink included. So, As we predicted, the data coming in from HM Land Registry does indeed show that the market was slowing down toward the end of 2017. In the last three months for which we have a complete picture (August to October
2017), transaction levels were 11 per cent lower than the same period in 2016. Curiously, the number of properties sold for over £1m rose by four per cent, but given the difference is just 200 homes we cant read too much into this.Things were cooling for
sure. But we think this is a good thing (hear us
out!). All markets have fast and slow periods; it’s
just a reality of economics. It’s a bit of a mystery as to why this happens, but generally,
people participating in the market eventually start to feel like prices have gone up for
long enough and try to sell at the top. Once the market reaches this tipping point, the
sales- to-asking-price ratio starts to decline, and buyers hold off buying in the expectation
of further price falls. Then, when people think prices have hit bottom, they pile back
in, causing the sales-to-asking-price ratio to start rising, and the cycle begins again.
Of course, things are very different to last time when the carpet got pulled out from under
our feet during the credit crunch. Mortgage lending evaporated overnight, and the market
cycle ended in a very unusual manner. This time it looks like we’re in for a much
softer landing. Sign after sign indicates that the UK housing market is returning to
its long-run equilibrium. Stricter mortgage lending is preventing a bubble, and sanity
reigns supreme in the market. But just because things are getting back to
normal, that doesn’t imply that we foresee stagnation. We still expect that prices will
rise in the premium market this year, probably close to experts’ projections for the mid-market
of around one or two per cent growth. Within the Derbyshire market we have seen
a good start to the new year with more appetite from new buyers coming into the market. I
repeat the message from January update which is the people who will gain the most out of
the property market are those who make hard-nosed decisions at this point in the cycle, not
the ones who ride the wave when things have already started picking up. And as always,
those who work closely with a local market expert to find the hidden value in the market
will come out on top. Please do contact me if you have any questions about the housing market both nationally and locally on my mobile number 07496 710557 And thanks for watching the video

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