8th February 2019
Chilly Forecast for UK Housing Market?
The UK housing market outlook over the next three months is the worst for 20 years, surveyors say.
A net balance of 28% of Royal Institution of Chartered Surveyors (RICS) members expect sales to fall in the next three months. It’s the most downbeat reading since records started in October 1998. This pessimism is blamed on the lack of clarity around Brexit. Lack of supply and affordability also continued to affect the UK housing market. Sales expectations for the next three months are now either flat, with no change predicted, or negative. According to the report, this indicates falling sales across all parts of the UK.
Here at The Finance Roome this isn’t quite what we are experiencing! Yes, mortgages for house purchases are down but certainly not significantly locally. The number of homeowners considering re-mortgaging is increasing too. Borrowers are fixing rates for longer to obtain stability and avoid too much uncertainty. Hence we are busier than ever and like to think we are bucking any negative trends. Despite the doom and gloom mongering going on we are arranging more mortgages and re-mortgages than ever.
It is easy enough to talk the UK housing market down – but let’s be positive and talk it up!
We are lucky enough to live in a part of the UK where the housing market often thrives outside of exterior influences and trends, a kind of “housing bubble”. Without sounding smug, there can be no harm in talking about the good stuff rather than the bad. There can be little to gain by waiting for the Brexit effect to stop effecting! If you are looking to buy a new home please do join us in celebrating our role in the UK housing market. Don’t be put off by the negativity out there – come and talk to us. There is so much choice mortgage-wise things might not be quite as bad as you think!