UK property prices fall slightly, but Surrey remains a buoyant market
There has been a great deal of publicity about overall property prices in the media in recent weeks, with several newspapers trumpeting the fact that we have seen a decrease nationally for the first time in a couple of years. While the figures are interesting, as is often the case the papers have relied on a simplified version of the true facts.
The reason for the overall price drop is an unusual one, in that the averages fell because house prices in London, so often a barometer for the rest of the country, were on the downturn. Given the fact that prices in the capital have become almost out of control in the past, a small downturn is perhaps not surprising at all.
Here in Surrey, house values have been steadily increasing for some time, and they remain healthy and buoyant, even in the run-up to a General Election. At James Neave, we have a wonderful selection of houses for sale in Walton-on-Thames and the surrounding area, and we expect 2017 to continue to see a small but steady growth.
Losing on the swings but gaining on the roundabouts
Several regions of the UK have seen prices still increasing, despite the focus on the situation in London. In Wales, the West Midlands and various regions of Scotland, property values have seen a noticeable rise, but the capital’s price drop has affected the overall picture.
One of the reasons for the stability that Surrey has been showing over the years lies in the desirability of the county. Commuter links into the capital are extremely good, schools in the area are excellent, and of course there are a great many pretty market towns which remain as popular as ever with both residents and incoming buyers. Houses and flats in Surrey are always in great demand, and there is no reason to suspect this will change in the foreseeable future.
While the announcement of a snap General Election will have an overall effect on the property market in the UK, albeit only a small one, here in Surrey we have noticed virtually no change at all. If there are potential buyers waiting to sell later in the year, there are others who are keen to carry on regardless. Announcements of a slight fall in property prices around the UK should take into account the understanding that regional variations indicate very little has changed.
In the run-up to the General Election, stability will be the order of the day
They say there are very few real surprises in life, but Theresa May’s snap election announcement on Tuesday came as a genuine shock to everyone. We weren’t due to have another General Election until May 2020, but the government have decided to go the polls in June 2017 instead, partly perhaps in a bid to ensure the whole nation gets behind Brexit.
In the run-up to most elections, the nation’s markets tend to see a little upheaval, but this is unlikely to be the case this time around. Unlike in previous instances, the time between the announcement and the event itself is short, just fifty days or so, and this is likely to mean the impact will be negligible.
The property market in the UK has been stable for a number of years now, and this looks set to continue right up until the election and beyond. House prices, especially in the south-east of England, have been rising steadily but not dramatically, and we see no reason to expect any changes in this area. For those who have a house or flat for sale at the moment, it will surely be a case of carry on and don’t worry.
Whether red or whether blue, markets changes will surely be few
It may be that people who are thinking about selling but are yet to go through with the process will decide to wait and see what happens. This is understandable, perhaps, but in truth few changes are likely to occur between now and June 8th, and indeed from now until the end of the year. If the winners of the General Election are planning any policy alterations, we will hear about them in the coming weeks.
Hear at James Neave, we always keep our finger on the pulse, and we will continue to monitor the market as the General Election gets ever closer. We have a great range of flats and houses for sale in Walton-on-Thames and the surrounding area, and of course we also have a broad selection of properties to rent.
If you’re thinking about selling or renting a property at the moment, we will be more than happy to discuss the current state of the market in the local area. In general, we would expect the industry to be only slightly affected by the implications of a General Election. As always, if you have any questions, our experts will be happy to answer them.