While some areas of the property market, e.g. super prime, are contending with downward pressure on prices, these recent figures suggest that the overall market remains resilient. With demand remaining firm now could be a good time for potential sellers to capitalise to market their properties, especially as we are moving into the very active period for property sales.
There was a 12-year high in the number of first-time buyers in the UK in 2018, who are finding a better range of mortgage products aimed at them. In fact, the increased availability of mortgages is helping purchases across the market.
London – despite Brexit concerns – still remains a top destination of choice for would-be homeowners, meaning sellers can expect strong demand for their property. The capital continues to be a financial, cultural and sporting hotspot that attracts people from all over the world, and, of course, they need somewhere to live!