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Summer Market Comment

Summer Market Comment

Date Posted: 28/06/17

With the election now out of the way, there are signs that the local property market is starting to heat up for the summer. The election result was a surprise for many, however, the Hertfordshire property market appears to be resilient with renewed activity.

Our offices across the county are reporting a surge in new buyers as well as an encouraging number of properties coming to the market. During the spring, many people seemed to have taken a ‘wait and see’ attitude until the election result was known. Now, we are expecting a busier than usual summer to compensate for the calmer spring.

Many industry sources are reporting that the housing market has calmed and as a result, there is less upward pressure on prices. This is good news as we hope we
are entering a more stable period.

Hertfordshire is ideally placed for a strong market place; we have almost full employment, a shortage of both second hand and new build properties available and the county is also benefiting from more and more buyers taking lifestyle choices to live within easy reach of London but not necessarily in London itself.

Hertfordshire also has one of the best communication networks in the South East, with both fast rail and road links to London and the North, as well as easy access to most of the London airports.

In general, many sections of the market are showing strong demand. First time buyers are taking advantage of the Government’s scheme as well as often being assisted by the ‘bank of mum and dad’! This means that properties up to £350k are in high demand.

As families grow and we have a continuing trend of low interest rates, we are seeing more and more young couples looking perhaps for their first house as opposed to an apartment, allowing them to enjoy the benefits of a garden. This has meant that many of our offices are reporting high demand for properties between £400k- £600k. The mid-upper market is also benefiting from growing families. At the same time, one of our busiest market sections is now people downsizing from the larger family homes, but at a younger age than many would have done in the past.

Some Putterills offices are reporting up to 4 times the level of sales of properties in excess of £1 million, way over and above the same period this time last year. This is a clear sign that the economy is improving and that confidence in the housing market remains strong. Putterills are celebrating 25 years of giving the people of Hertfordshire the best advice we can offer, whether they are buying or selling.

For most of us, our home is our most important asset, so the fact that 98% of our clients would recommend us is, we believe, testimony to the professional and trustworthy way that we work.

For a free market appraisal and up to date chat on current market conditions, please contact your local Putterills office.