Navigating labours initial impact on the property market!
As someone deeply immersed in the property market and managing an exceptional team, we strive to navigate our clients through the complexities of a rapidly changing landscape. In East Kent, homeowners seem hesitant at this point in time to put their properties on the market, anticipating potential economic downturns due to a recent landslide election victory by Labour. In my 24 years of experience, I’ve never seen such a negative approach of thought with the recent change and political reaction.
Since Labour’s decisive win, there’s been a significant amount of skepticism about the economy’s future. It’s puzzling that people would vote for a party they believe could cause economic instability. Reflecting on a conversation with a seasoned property professional in early 2020, she told me that political changes rarely have a lasting impact on the property market or current affairs in her lifetime. Despite her wisdom, no one could have predicted the global halt that soon followed.
An old proverb comes to mind: “If a farmer waited for the right weather, he would never sow his field.” It means that if we always waited for the perfect conditions, we’d never take action. Throughout my life, I’ve heard numerous dire predictions that never materialised. So, in my professional opinion, now is a time to be optimistic. With potential legislative changes from Labour, landlords with the potential legal changes and challenges may bring more properties to the market, increasing competition and opportunities for buyers.
As we move from summer into winter, we might see favourable interest rates, with the Bank of England base rate stabilising between 4% to 4.5%. This would benefit both savers and borrowers. If you want to achieve the best price for your home, don’t let fear hold you back. Currently, demand outstrips supply, but this may change with new government policies their term, leading to a more competitive market which would be great for home buyers and more challenging for sellers.
If you’d like an update on the value of your home or portfolio, feel free to reach out. One of our skilled experts will be happy to assist you.