The Correct Course
What most people do when they see the inches adding to the waistline is to go on a diet, after all, losing some weight is a wise thing to do. The property market acts in much the same way. After a period of excess, when things get a bit overblown, the market has a habit of paring itself down a bit but that will usually make it fitter in the long run.
We have been through a period of property overindulgence, and now the market is slimming down. Trying to predict when this diet will end is pointless - unless one knows how Brexit will conclude.
The problem with shifts in government policy and national direction is that each will take its course and the larger the event, the more it affects the property markets - both domestic and foreign. A good example is how Germany’s reunification during the early 1990s affected the market in Spain and many Germans were put off buying holiday homes there. More recently in the UK, when the government began scrutinising the origins of funds held by some wealthy foreign nationals the result has been a marked decrease in property purchases - especially in central London.
There are many things we don’t know about the market as Autumn approaches. What we do know is that many are taking their first step onto the property ladder and that this can only be good for second-time buyers and so on. Outside London there are continued signs of price growth, and interest from buyers. The property market, despite adverse press reports, is rather like a swan in motion - not much seems to be happening on the surface but there is plenty of activity going on below.
The market is gradually slimming down but the trick is not to try to guess when your goal will be achieved. Just seek the advice of your experienced and local estate agent, Oliver Miles.