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Don’t wait for the zenith of the market

I have been in property sales for 15 years and this is not my first year where there has been limited stock. However, this one probably has a different outcome. In the UK, there is roughly every seven years a property boom, we are in one right now and according to all newspapers we are all doomed.

Roll back eight years and we had 2013. I vividly remember my time in Fulham where prices jumped a whopping 18% in one year. Then, the following year, we had a triple whammy of the Mortgage Market Review (where buyers had to face more stringent affordability tests;) The Scottish Referendum and a Stamp Duty increase. Those who waited for the peak of the market then lost out as buyers entering the market were reluctant.

Looking back further, you have the Global Financial Crisis in 2007 and the “.com bubble” in 2000/2001 and we know how both of those ended. Admittedly, we have no idea what is around the corner in paying for the debt we have amassed - and continue to accrue, but whilst interest rates remain low and there is limited taxation on transactions, I would expect that people will keep on buying and that those second home-owners will not sell up as they will find the money from elsewhere. Even when the tax changes, as it always does, the market will adapt, again, as it always does.

The point to this is - don’t wait for the zenith of the market, it will come and go before you know it and thus, if you do want to sell, don’t wait; there are plenty of buyers currently in the market looking for a property to buy. The only reason why the market is behaving as it is in Shropshire is because people have not put their house on the market, thereby the laws of supply and demand are triggered; not because of Stamp Duty. Charlie Giffard BSc DipSurv, Country House Sales, Associate Partner.

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