The future of the housing market is a constant topic of discussion and a source of worry for some, whether the investment they’ve made in purchasing a property will prove a good one long term. This post takes a look at the current activity levels of buyers in Surrey and the historical trends in property values, so by the end you’ll be confident about the future of the Surrey housing market.
What Influence Do Political Events Have On The Surrey Housing Market?
There has been a lot happening on the political scene over the past year with the vote to leave the European Union and the outcome of the election in June. Whilst it would be flippant to dismiss these influences on the housing market as inconsequential, they’ve not stopped people moving.
The recent news of changes to Stamp Duty by the Chancellor is expected to have a positive effect on both activity levels and property values in Surrey.
Regardless of decisions made in Westminster, property still represents a sound investment for the longer term.
Historic House Price Trends In Surrey
Land Registry data shows the average property in our area changes hands every 16 years. If we look back over the past 16 years there have been many domestic and world changing events including the Iraq war, three changes of Government including four prime ministers, a major financial crash followed by a recession and changes in Stamp Duty and property taxation, to name but a few.
In spite of these events, in that time the average value of Surrey property has increased on average by 137%!
This demonstrates that many buyers understand that purchasing a home is a long term commitment and whilst the market can suffer short term fluctuations, property still represents a sound investment with the trend during our lifetime being a steep upward curve.
Most importantly, we must not lose sight of the fact that we are buying a home and not just a financial investment.
So what’s in store for the future?
Whilst none of us can accurately predict the future, it’s reasonable to assume that the housing market will continue to ebb and flow, with the medium to long term trend being a continued rise.
Over the past year we have seen property values stabilise, resulting in both buyers and sellers having the confidence to move, producing a steady turn over.
There continues to be a strong demand, which is fuelled by a low housing stock, unprecedented low interest rates, the ready availability of mortgage lending and a thriving local economy.
When is a good time to move?
This is generally dictated by your personal circumstances, whether that is the need for a larger family home or the wish to downsize into something more manageable.
Whatever the driver, if you are staying within the local area the market conditions are going to be the same and if you are looking to cash in and move further afield, the strength of the local market may work to your advantage.
Before jumping in, always get the best professional advice for both the value of your existing home and the new mortgage.