No one likes uncertainty and this applies to the residential property market, which reacts adversely to negativity, whether this be economic or global conflict. Confidence diminishes.
Already sellers, but particularly buyers of property were becoming less active and more indecisive with a General Election happening this year, but no one knowing exactly when, until now. The announcement of the Election on 4th July provides a definitive answer as to the timing and this is helpful. We now know what is happening.
We predict that there will be the usual “ let’s wait and see what happens” before committing to a sale or purchase. This is natural, but our experience is that the outcome of an Election, particularly in this current political climate, is unlikely to change things one way or another, generally. There will be a lull during campaigning, but shortly after the result life will return to normal. Economically, things will continue to look brighter with inflation continuing to fall along with a cut in interest rates. At that point, there will be a positive uplift in sentiment and across the Cotswolds property market.
Our advice therefore to sellers is to continue with their plans, be realistic in pricing and to accept the right offer today. To buyers, we advise that if they find the property that suits their needs, they should get on and buy. From our experience, there is almost never enough supply in the area, and with the pressure from demand, prices will remain firm fundamentally. It may be a little quieter today, but that can change very quickly with more than one buyer competing for a particular property in and around the popular Cotswolds.
Sam Butler
For any property advice, or to discuss the market, do please contact me, Sam Butler on 01285 883740 or sam@butlersherborn.co.uk
