Hope for a more settled period

It is now the day after the Spending Review announcement, the sun is shining and the Food Festival is in full swing. Nothing affects the property market quite like uncertainty and we have had plenty of that this year.

First of all the buoyant Spring market was brought to an abrupt halt due to The General Election. Then we had to wait until the Emergency Budget and then of course the long wait to the Spending Review announcement. Now people will know for certain the cuts that are being made and how it will affect the population generally. With half-term next week we are already seeing an increase in buyer activity and I am hopeful that this increase will be sustained. Yes there is usually a slow down over Christmas although most agents can report that they have sold a property or two over the Christmas period and the New Year can be an extremely busy period.

The last month, although generally quiet has had its moments and it looks as though it could end up being one of our best months for agreeing sales this year. There is more difficulty now in holding these sales together as chains get longer and the conveyancing seems to take an age. The market desperately needs stability and with the measures that the Government has announced, although painful for a lot of people, will no doubt help keep interest rates low for longer, desperately needed by many thousands of struggling households throughout the country.

It is obviously good news that The Britannia Royal Naval College will remain for the short term at least, hopefully securing vital jobs in the town. The last month has seen a dramatic decline in the number of properties coming to the market. We have had a few months of strong levels of instructions which has noticeably decreased over the last few weeks. Stock levels are though still reasonable with a good choice for buyers.