Home Front logoSo that’s it then, the end of another year, a year that the majority enshrined in the property world will proclaim as difficult and unexpected. Early 2016 started off well actually following on from the previous good tidings of 2015, with a stable and ever increasing market Joe public was feeling very settled and bright as 2016 dawned. And actually for the first four months it was business as usual. However with the ‘B’ word looming, whist sales remained buoyant and stable the rental market virtually came to a halt. It quickly became evident that many were not willing to move home until after the result had come through, with that came a glut of rental properties on the market and a natural decline in rents. Following Brexit we saw the sales market depreciate overnight and buyers – or shall we say opportunists putting low offers on the table much to the dismay of sellers. But hey, we have been here before and it’s certainly not as bad as 2008 that’s for sure. Yes it’s disappointing especially since things had seen so stable for so long but this is just essentially the pattern of the market. And whilst it isn’t as strong as it was at the beginning of the year we are working with the circumstances. Agents have been busy working alongside our client vendors and Landlords, educating them of the current status of the market and slowly but surely things are moving again, yes prices have declined but deals are still being done as long as you are willing to be realistic about the current worth. The ultimate rule of thumb is that your property is only ever worth what someone is prepared to pay for it, and the market conditions will always govern that point blank. The Bank of England is working with us by holding the rates which has encouraged the first time buyers out to play and Lenders have some very enticing mortgages to soften the blow too. Canary Wharf is still bustling with new developments with no sign of the developers letting up anytime soon. So yes it’s been a tough year but as ever there is plenty to be optimist about as we head into 2017.

Merry Christmas everyone, and a Prosperous New Year!