The response of the ‘Boris or Brexit Bounce' sees buyers confidence flourish

Well, Brexit happened!  Love it or loathe it, or simply sick to the back teeth of it, it’s done and now the work begins for the UK to transition over the coming year.

But what impact will the UK leaving the European Union have on the property market in Banstead and Epsom?

Like most long-term forecasts, no one knows with absolute certainty, how things will pan out, especially when it comes to the housing market. It would be disingenuous of us to suggest otherwise.

However, the immediate impact since the General Election has been to see buyer confidence come flooding back. The media have dubbed it the ‘Boris or Brexit Bounce.’

And here’s why:

• The housing market hates uncertainty – whether that’s political or financial.
• Us human beings are often inclined to avoid making decisions if we can get away with it.
• Our minds seek out a reason NOT to do something which might disturb the status quo of our lives.
• Especially when things beyond our control seem ‘up in the air.’

The Brexit Factor

• The uncertainty over Brexit was a big factor in many people’s decision to hold off buying or selling a home.
• The ‘will we?’ ‘won’t we?’ questions have been answered. We have clarity.

These are the main reasons we’re seeing so much activity since the election on December 13 and it appears to be a nationwide trend.

Recently released data from the property portal Rightmove shows UK property asking prices have increased by 2.3 per cent since the general election.  It represents the largest month-on-month increase seen in any January since the property portal launched its house price index in 2002.

The average UK house price is £306,810 whilst in Banstead it is £517,354 and Epsom and Ewell, £462,107 and we can certainly see that there’s a lot more positivity around property in Banstead and Epsom than there has been for a long time.

So, if you have been sitting on the fence about selling your home, now could be the ideal time to make the most of the ‘Boris Bounce’ and make your move ahead of the traditional spring rush.

If you want your home to stand out in a less congested marketplace give us a call on 01737 887 674 or email greetings:sachascott.com to discover how we can help you.