Are years and years of uncertainty over?
by on 16th December 2019
At Hogan’s Estate Agents in Leeds, we know how divided the country is politically. Many wanted Brexit, many didn’t. People have become entrenched in this and political allegiances have shifted, judging by last Friday’s election result. We will remain firmly on the fence but point out what has happened in the property market over the last 3 and half years.
When the referendum was set up in June 2016, it led to uncertainty locally. Inevitable really. The property market reflected the country’s split.
Ordinarily, homeowners move on average every seven years (and four years) on new developments, which creates some “churn” in the market.
But what we, and other estate agents locally found, that people decided to sit it out and see what happened.
The average length of residence leapt from 7 to 16 years, which left estate agents with reduced stock obviously.
Last Friday’s result, with a Conservative majority, though no change in any Leeds constituencies, provided, perhaps, some political certainty.
“Get Brexit Done” is only 3 words but it may take 3 years or more to achieve.
At Hogan’s, we’re seeing some long awaited movement in the property market and we’re hoping that this continues in 2020 and beyond.
In Leeds, property movement, apart from the letting scene, is showing some life – a bit like those snowdrops and daffodils that will soon be poking upwards from soil. There is some renewed activity with the greater political certainty.
Finally let’s end on some Leeds stats:
Leeds Homes For Sale: 2,161
Average Asking Price: £233,259
New In Last 14 Days: 202
In the same period last year, there were 831 Leeds homes for sale.
Perhaps, 2020 will be a great property year?