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Q4 2016 – A Glance at the Residential Real Estate Market in the UK

Posted on by in Business

Now that panic is subsiding in the post-Brexit months, realtors throughout the UK are taking a long look at where the residential real estate market stands for the remainder of 2016 and going forward into the new year. Although it appears as though Londoners are a bit more apt to list their homes for sale, some citing concerns over the impact a hard Brexit would have on the economy, the North East and North West homeowners are ready to simply stick it out and make home improvements. Whether these will lead to a sale in the future is unclear, but respondents to a Plentific survey clearly indicated that they were ready to find tradesmen to undergo improvements that would add value to their property.

Planning Down the Road

In a recent article on the UK Huffington Post site, the author spoke of those home improvements that would add aesthetic value to a home for a quick sale and then went on to examine those improvements that were best undertaken when planning to sell down the road. According to his way of thinking, this may be exactly what homeowners in the North East and North West of England are about because more and more they are seeking qualified and verified tradesmen on sites like https://plentific.com/ for major home improvements which aren’t doable on a DIY project.

ConstructionWhat Are They Thinking?

Perhaps homeowners in those areas of England are being a bit more optimistic for the future because they believe things will level out in the wake of Brexit and property prices will begin to rise in value again in their areas. It’s a logical assumption based on their willingness to pump money into home improvements. If they sell they will get a higher asking price and if they stay their home will continue to be their palace, only a highly improved and updated palace.

The Actual Figures Tell the Story

According to the Plentific post-Brexit survey of homeowners, the figures in the North East and North West tell the story nicely. In the North East, 19% of homeowners stated that they were very likely to sink money into home improvements but in the North West that figure was even higher at 21%. This is more than double previous statistics but the theory is that with the North having weighed in heavily as leavers with the South being highly anti-Brexit, the Northern part of England is content with the outcome of the vote.

In any case, the percentage of homeowners in the North willing to ‘stick it out’ optimistically believing in an improved economy going forward greatly outweighs the percentage of doubters to the South. The long term effects of the Brexit vote are yet to be seen but there is one thing that is being evidenced now only a few months after the vote was tallied. Panic has subsided and most homeowners are either going to wait it out with or without improvements. The only area in doubt appears to be the nation’s capital but again, with the price of real estate in London, this is nothing new. There is always more concern on high value property so the figures are historically in tune with times of economic uncertainty.