07 Sep 2020
Market Activity Update
Given our economy is suffering from increasing unemployment as well as entering a recession, economists would normally be predicting a crash in the housing market.
Conversely, experts have actually been surprised at the fact the housing market hasn’t crashed, in fact, quite the opposite, we are seeing a mini-boom. So as Socrates said, “The one thing I know for sure is that nothing I know is for sure”.
Unquestionably, we have learnt all global recessions have different characteristics, perhaps this one, won’t affect the housing market?
Estate agents are reporting record months. To be clear, that is record selling months – ever, in the history of their existence.
Chiefly, the reason is down to the Government’s stamp duty incentive which we believe to be a good move. For this reason, we have seen many a first-time buyer and home-mover cite the scheme as the catalyst for them looking sooner
rather than later. Low mortgage interest rates also play a factor, which we hope will be around for a long time yet.