In these days of Brexit induced uncertainty, I’m frequently asked “exactly what is happening to the Colchester property market at the moment”.
According to HMRC, there were 101,780 residential property transactions recorded (on a seasonally adjusted basis) in February this year. This was the highest level since August 2017.
At the time of writing, this figure is provisional. However, if it is confirmed this will mean that the annual change in transaction levels has moved into positive territory for the first time in over a year. The feedback I am hearing from other estate agents around the county is cautiously positive when compared with just 3-6 months ago. This is perhaps surprising given the uncertainty caused by Brexit with much speculation about a market slowdown, although there will, of course, be regional variations.
So how does this affect the Colchester property market? In my opinion, whilst buyers will continue to be understandably cautious, pent-up demand is building. Consequently, some buyers who may have been waiting for clarity are now prepared to commit. The confirmed Brexit delay until later in the year appears to have provided a window of activity. Time will tell whether this translates into sales levels showing further improvement over the coming months.
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