Economic principles impact on the property market

While many market specialists have predicted a fall in property prices, if the supply of property isn’t available, prices are liable to rise, or at least not drop. This is based on basic economic principles regarding supply and demand. For all the various factors impacting on the UK property, and the market here in Weymouth or Bridport, a lack of supply of affordable housing will likely be the over-riding influence on the market.

While the full impact of Brexit is yet to be felt, if at all, it has been discussed as one of the most crucial factors on the UK property market. This is because many people have an agenda regarding Brexit, whether it is for or against, and the consider the property market as an area where they can impose their thoughts or opinions. There is a need to be aware of the impact that Brexit has on property prices, and life in general, but it is also important to remember that people’s homes and livelihoods are at stake with respect to the property market. Anyone using the market for their own political gains is doing a great disservice to many people.

No one seems to know what is going to happen with Brexit, and at the moment, it is only the uncertainty over what may happen in the future that is impacting on the property market, nothing to do with Brexit itself.

Homes are selling for less than the asking price

It can therefore be argued that taking a pragmatic view to the property market is important. Buyers should be war of overpaying and sellers need to be wary of the price they list their property at. Figures provided by NAEA Propertymark for 2017 suggested that the clear majority of homes sold in the UK sold at less than the initial asking price. While the initial pricing may be part of an overall strategy in selling a home, it is important that sellers fully understand the realities of the market in the present day.

There are still people looking to buy property and overall, the price of property is still rising. However, it can be difficult to sell homes and the prices being discussed as part of the overall trend aren’t always available when it comes to real life. There is no sense in denying that the 2018 property market is challenging but with proper support and guidance, it is possible for people to achieve success.

If you are looking to sell your home in Weymouth or Bridport, rely on local property market specialists. At Austin Property Services, we know the local market and we look forward to helping you achieve your goals, so get in touch.