The last four weeks have been eventful to say the least.
Firstly, we’ve been through an election - something that always causes a ‘blip’ in the property market. The good news, however, is that the result was clear-cut, defined and without the uncertainty that came with 2010’s coalition result.
Next, May saw two Bank Holiday weekends and a half term. And there’s nothing like a holiday to put would-be property hunters off property hunting. The result was a quiet month for those who may have been looking to get a flavour of the local property market. However the first week of June more than made up for it.
In fact, the first seven days of June have been busier than the whole of May with more and more properties coming on to the market each day.
This isn’t a surprise. Prior to the election we predicted an influx of properties in June and July as part of a mini summer ‘boom’ and so far we’ve been proven right. The uncertainty of an election means that people generally wait for an outcome before making any significant decisions. And selling a property is one of the most significant decisions that anyone can make.
Based on June’s opening week I predict that this flurry will continue throughout the rest of summer, as homeowners look to make their next move in the warmer months. This is great news as increased stock means increased choice, and it’s an increased level of choice that kick starts the cyclical nature of the property market.
From a wider perspective, property prices across the South East of England have continued to rise, with recent figures published by the Land Registry illustrating how values were up 8.8 per cent over the 12 months ending in April. Similarly, mortgage approvals were up to the highest level for 14 months in April, too - another indication that the property market is about to undergo a huge surge of activity.
From Seymours’ perspective, we would urge those thinking of moving to take this increased interest in the Surrey property market as a great opportunity to get ahead of the game and make sure that their property stands out in what could be a crowded marketplace by the end of the summer.
For those who are planning a more laid back approach to the next two months then on behalf of everyone at Seymours’ 15 offices, enjoy the summer and we hope to see you soon.