If you follow the Footsie, Dow Jones or just keep an eye on exchange rates for your holiday, you’ll notice that they fluctuate daily if not hourly. An event in any part of the world can trigger a chain reaction which somewhere along the line will have a financial impact. Brexit has been no different and now that Article 50 has been triggered we’re on the road to further fluctuations. If the negotiations that are to follow over the next couple of years are successful the UK economy will continue to grow and with this confidence will be boosted.
So what does this mean for the Thurrock housing market? Although article 50 has been triggered there is at the moment an air of uncertainty and a lot of “would be sellers” are staying put, there are some thoughts that this has just coincided with the recent price growth which has become unsustainable… affordability has been crunched as the number of buyers borrowing relative to their incomes is stretched.
In Thurrock we’ve noticed a slowdown with fewer properties coming to the market and fewer buyers, this time last year buyers were fighting for properties and each sale almost became an auction which subsequently pushed prices up.
Today it’s a different story with fewer properties and buyer’s, prices have calmed and the volume of sales has reduced. Pricing is now more sensitive and sellers have to be more realistic in their expectations … for the first three months of this year, we’ve seen an average price reduction of 0.31%. With the average price for Thurrock being £259367 this is a relatively small reduction of just £804. Tilbury and Purfleet had the greatest drop of 0.68% whilst Stanford and Corringham saw an increase of 0.16%.
Should you be worried? I don’t think so… a property as well as being a home is a long-term investment and whilst prices will be fairly flat this year the five-year prediction is a 13% increase.