Brexit! Everyone’s talking about it and the many repercussions it will have on the economy, the political situation and of course on the property market.
It is certainly true that many large housebuilders have seen a drop in their share price and Foxtons, one of the large London-based estate agents and other brand names such as Savills, Rightmove, Zoopla and Purplebricks have also been similarly affected. So what does that mean for house prices in the local area?
Actually it’s quite hard to predict in relation to the ‘Brexit effect’, because over the last few years Marlborough and the surrounding areas have experienced high demand from buyers, but there have been relatively few properties coming onto the market.
This, combined with the excellent reputations of St John’s Academy and Marlborough College, has kept house prices high. None of these factors is likely to change hugely in the future, so one might consider that it will be business as usual.
Obviously, people continue to have children, to get new jobs, to get married and to get divorced. These are all strong reasons for needing larger homes or moving area and having to sell or buy.
Are we all going to wait and see whilst our new relationship with Europe and the EU is established, which is likely to take around two years? Probably not.
In fact, if you consider the dropping value of British sterling, house prices in the UK become much more attractive to overseas buyers and although the economy is experiencing some volatility at the moment, analysts have indicated that of course the UK will bounce back, it’s just a matter of when.
So buying now, during a period of high uncertainty can often, but not always, pay dividends especially in cities such as the capital. If the London property market thrives, then Marlborough benefits.
Householders thinking of selling should therefore be reassured that buyers are still looking for new homes.
However, with the power of the Internet and the likes of Zoopla providing lots of “information” about what your house might be worth, buyers may try to bag a bargain.
As a vendor, therefore it is even more essential than ever that you get a good local agent working for you, who can come up with a strategic marketing campaign, an honest appraisal of value and realistic guide price, when you do decide to sell.
Shona Ford is senior negotiator at Winkworth Marlborough
