Known unknowns more attractive to buyers than unknown unknowns
Posted on Oct 22, 2019 | in Blog
More evidence emerged this week that, despite the unprecedented politico-economic environment we find ourselves in, there is life in the residential property market yet.
Official data from HMRC showed that transactions last month, at just under 102,000, were up 5% on August and 2.3% on September of last year. Now the property market is by no means firing on all cylinders, but neither have transactions ground to a halt.
There are hard and soft reasons why the market continues to tick along. The hard reasons are:
Meanwhile, the soft - sentiment-based - reasons why many people continue to transact in the current market include:
In the words of former US Secretary of State for Defence, Donald Rumsfeld, people are choosing the known unknowns that exist now rather than risk the unknown unknowns that could emerge post Brexit.
In that sense, it’s no surprise that transactions are ticking along. In the cold light of day buying now before Brexit may arguably be the rational course of action.
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