Now that we have come to terms with Brexit and turn our attention to other subjects like Christmas shopping and debate about who will win premiership this season the media are returning to their mixed messages of good news, bad news and indifferent news about the Brit’s favourite subject after the weather … the property market.
The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of scale is Kensington and Chelsea, which has seen average prices drop in the last twelve months by 6.2%. But what about Derby?
Property prices in Derby are 5.52% higher than a year ago
and 3.2% higher than 3 months ago.
So what does this mean for Derby landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers anyway, so if the one you are buying has gone up, yours has gone up. Everything is relative and what I would say is, if you look hard enough, there are even in this market, there are still some bargains to be had in Derby.
However, the most important question you should be asking though is not only is what happening to property prices, but exactly which property is worth buying? I like to keep an eye on the property market in Derby on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Derby. With interest rates cut to 0.25%, cheaper mortgages on the cards and the undersupply of housing in the Derby area we can expect a steady growth
The next six months’ activity will be crucial in understanding which way the market will go this year after Brexit … but, Brexit or no Brexit, people will always need a roof over their head and that is why the property market has ridden the storms of oil crisis’ in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008.
And why? Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. … there is always a silver lining when it comes to the property market as demand always outweighs supply so property will always out perform any other type of investment.