THE POST BREXIT MARKET
After Brexit we have seen a steady sales market, not breaking any records certainly, but a reasonable number being achieved. In fact most agents are requiring fresh stock the post Brexit market as property levels are historically low. The first two weeks of September have, after a reasonably busy August, seen more instructions come to the market, although restocking from really low levels can take some time. The uncertainty and volatility of the daily economic news swings the mood one way to the other. The old adage still applies good, properly priced property will sell. Of course character property with views are still very much in demand as are town centre cottages and apartments. Also a wave of younger wealthy buyers is heralding a new seaside cool. Tired housing is being knocked down, rebuilt or extended to suit the tastes of modern staycationers. The essential features are glass, Eco credentials, indoor – outdoor merging and lots of space. Examples of this can be seen on the Dart and is sure to become more prominent.
The three percent rise in Stamp Duty for second and holiday homes has certainly had an effect and we have seen sales levels in London drop by over half since Brexit, although I am sure we will begin to see an attitude of let’s just get on with it. People always need somewhere to live of course and people will always want to buy property in Dartmouth.
The unusually warm September (so far to the 15th) is an added bonus and I have noticed ferry queues longer in September that they were in August, the hotels are still full which has got to be good for the town and will hopefully shorten the winter months. As we look ahead, I am very positive for the market with the Bank of England reducing historically low interest rates even further and potentially another cut before Christmas although things can change very quickly.
If you are considering selling your home in Dartmouth soon, please get in touch for a free market appraisal of your home.