Notwithstanding BREXIT and the broader uncertainty that it has wrought in the property markets generally, 2018 has been so far positive for DAA Residential in terms of sales volumes. Modest numbers of buyers have become increasingly unwilling to let current political uncertainties impact their decisioning and have been returning to the market. An overall lack of available properties is a dampener for purchasers but even so of late many sellers, some of whom have bought elsewhere, have secured a sale by recognising that in times of uncertainty, the bold and brave will be successful and that by taking a more realistic view of the original asking price combined with a willingness to negotiate effectively encouraged by DAA Residential Ltd, a successful sale and corresponding purchase can be achieved.
Indeed, whilst property market uncertainty remains, a recent report by IHS Markit gives an interesting insight into London property prices since Q3 2008.
At the height of the Global Financial Crisis in 2008, potential buyers were anxious that prices could plummet. In fact, during the 10 years since then, London property prices have seen average increases of approximately 75%. Could we see prices increase similarly over the coming 5 to 10 years – quite possibly.
Of course, past performance may not be indicative of future results and there can be no assurance that the future performance of the property market will correspond to recent historical performance levels especially in light of BREXIT but at DAA Residential, we are confident that the long term property price trend is your friend and with sellers becoming more realistic in accepting sensible offers, now is the time to buy.