At our office, we have very few houses to sell and the current overpricing on these will decrease as demand drops.
The major concern is first time buyers, as they are unable to find 15% deposits demanded from mortgage lenders are they are trying to price in any negative equity predicted by major banks for 2021.
There is currently a number of one and two-bedroom apartments available and price drops are inevitable in the New Year. Two other issues have been the high number of sales collapsing which in November was 27% of agreed sales falling through.
The second issue has been concerned steaming from the Grenfell cladding issue that has made some 1.93 million homeowners unable to sell their properties because they are unable to obtain the EWS1 form to prove they are living in a safe property.
The figures given as a property boom for the last 6 months are actually distorted as most properties sold have been houses not flats and average sale prices have given a positive outlook.
We shall wait to see how many sales fall through in March next year when the stamp duty holiday is over.
Philip is passionate about working with other investors and like-minded individuals to enable them to build their own property portfolio, wealth and ultimately achieve financial freedom.
Call Philip today on 01202 559922 to book your free strategy appointment.
