At Spencers New Forest we are predicting a New Year bounce. The financial markets and the property market do not like uncertainty and the General Election result provided much-needed clarity.
2019 was overshadowed by political instability and confusion over the form and timescale for ‘Brexit’. Many considering a house move decided to sit tight meaning fewer properties came to the market.
Overall, however, the local market bucked the national trend and showed a great deal of resilience. All our offices saw a resurgence in demand for premium properties with significant growth in the number of sales agreed in excess of £1,500,000. We were also delighted to find buyers for several outstanding homes priced in excess of £4,000,000.
Also of interest was the reduced seasonality in the market. We saw consistent levels of sales at all times from January to December leading to our 2019 sales income ending 5% up on 2018. Ultimately, sensible sellers benefited as there were fewer properties on the market to compete against and there remained keen buyers right through the year. In addition, the Forest and Coast are considered aspirational destinations which drives demand and keeps the market buoyant. Finally, our very experienced team of property professionals were able to provide objective and realistic advice to clients.
We are confident the New Forest property market will continue to show more resilience than other areas and expect to see an increase in property transactions over the coming months as buyers and sellers feel more comfortable making changes to their lives.
For the moment though we suggest you relax, eat, drink and be merry…