What Are We Waiting For - Property Market Blog

Lynne Lancaster, Director & Head of Estate Agency at PFK finds grounds for optimism for the Autumn property market. 

Hush, don't mention green shoots. Those two words are guaranteed to put the mockers on just about anything. However - whisper it quietly we must - there is a stirring in the property market. Here at PFK, we are starting to notice more properties becoming available, giving buyers a greater choice and putting some fun back into house-hunting.

It's far too early for the newly-elected government to take the credit, but the general election has enabled us to cross one item off the long list of things people are waiting for before they buy and sell property.

There always seems to be something on the list. Now it could be the end of the summer holidays, the US general election or Christmas. These events may have varying degrees of impact on the property market through influencing buyer and seller behaviour. Another thing to motivate buyers are the recent reduction in mortgage rates with some lenders offering fixed rate products just under 4% for up to 5 years term!

But with more property becoming available and some confidence returning there is a real chance the property market will shake off the lethargy of the past few years.

Over the longer term the new government will have to fulfil its pre-election housing promises. The Labour Party pledged to build 1.5 million homes over five years, partly by streamlining the planning process and recruiting 300 additional planning officers. If these promises are kept, they could significantly impact the property market, potentially further increasing supply whilst also making home purchase more affordable. Angela Rayner, minister of housing, is spearheading this bold initiative so let's wait and see if the Labour government make housing a pivotal part of the country's growth strategy.

Let's hope we will get the homes we've been promised. With that being said, there is little time to wait and the best time to buy and sell property is when the buyer and the seller are ready, willing and able. There really is no better time than the present and PFK are a local agent with local people operating in our areas who know their market.

So if you're thinking of buying, selling or renting, feel free to contact our team today and let us guide you through the process.