There is further evidence to suggest that the UK housing market is continuing its slow but steady return to strength, following an extended period of turbulence around last year’s Brexit vote. The results of a new study carried out by online estate agent HouseSimple.com suggest that there has been an increase in the number of new properties listed across Britain by more than 93 per cent, between December last year and January 2017.
In addition, the same study also found that just over 27 per cent of cities and towns across the UK saw an increase in property supply of more than 100 per cent during the same period. This would seem to suggest that sellers are choosing not to delay bringing their properties to market as a result of growing confidence in the renewed strength of the overall property buyers’ market.
Speaking on behalf of the estate agent, a colleague stated that the figures were exactly in line with his own expectations. ‘We are now coming into peak-time for property sales: the pre-spring and spring market.’
While growth in the capital on the whole was impressive – an increase in new property listings of just under 122 per cent in January – the most explosive rise occurred in the West Midlands, with Lichfield seeing a whopping 268 per cent increase in new properties added to the market since December 2016.
Given the way in which it remains to be seen exactly what happens in terms of Article 50, Gosling suggested that both movers and sellers will be keen to take action while confidence remains relatively high.
‘But if the market’s response to the Brexit vote is anything to go by, the urge or need to move will mean it’s very much business as usual. The black cloud of Article 50 looms overhead and no one really knows if that will see sellers delay marketing their properties.
‘Although the numbers of new properties listed wasn’t through the roof, they were higher than November and only a little lower than October, so supply returned to pre-Christmas levels.’
An increase in confidence and activity across the property market in general has also led to a notable spike in bridging loans activity, as reported by a number of key service providers. Construction companies and developers in growing numbers are seeking intelligent and accessible property development finance, in order to capitalise on the current confidence being demonstrated among buyers at all levels.
Once again, uncertainty as to how the new and pre-owned property markets will be affected following the triggering of Article 50 is generating a sense of urgency among property developers and sellers in general.
‘For those looking at newbuild schemes, finance for development can be tailored to facilitate the purchase of the land (with or without planning permission) and then provide the funds towards the cost of the build – in some cases 100 per cent of these costs can be provided.’ – Bridgingloans.co.uk,