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Every year, the residential market follows a similar trend: the ‘winter market’ being somewhat quiet and the ‘spring/summer market’ full of life, with the affluent and the ambitious seeking the best deals and mortgage brokers having their work cut out. However, this year we may be experiencing a slightly different trend. Has the residential market reached its vertex?
There were more than 52,000 new homes being built in London by the end of last year, but current political events have meant that people are scared to risk their hard-earned cash in return for assets. Developers have been left with too much stock on their hands, forcing them to reduce guide prices.
The property ladder is becoming shorter too, as buyers seek to avoid excessive transaction costs by skipping the ‘buy to let’ stage of building a property portfolio. According to the Office of National Statistics, the average age of first time buyers has increased from 30 to 33 over the past 20 years.
Eugene O’Sullivan, managing director at Morgan Pryce, says; “A clear indicator of market success in the real estate sector is the level of construction and development.”
Between 2015 and 2016 there was an increase of just 249 new units; it appears that the sector may be depreciating along with the pound.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.