Most UK homeowners, if they’re being honest with themselves, will say they’ve had a great run over the past five years. Lucy Pendleton, Founder Director – James Pendleton.
This period began after the market pulled its face out of the mud of a horrible 2012, when plenty of property just would not budge and prices fell throughout the year.
The problem is that a long bull run like this encourages people to see their home more as an investment, and we all begin to wonder how long it will last. A desire to stay put is borne of a fear of missing out and this all helps to weigh on transactions, which ultimately brings things to a head sooner.
The market always follows London eventually and growth in the regions, which had been holding up remarkably well for a long time, began its inevitable deceleration some time ago.
This is less about Brexit, than it is about the natural cycle of any market that has seen strong advances. It comes down to affordability, not politics.