A look back at 2018 and its property prices
by on 10th December 2018
Unusually, 2018 saw London property prices actually fall and here in Leeds, property prices did increase, not fall, but according to government statistics only by 1.5% over the 12 months. The times have been uncertain in the past decade – we had a coalition government which was said to have created some uncertainty and the past two years (though it feels like ten years to most of us) has been dominated by the B word, Brexit.
What we’ve found at Hogan’s is the same as every year since our inception 30 years ago: if a property is valued correctly it sells quickly; if a vendor decides to try their hand with an inflated asking price selling is often so slow that the price is reduced and that early market momentum can be lost.
You might like our comparison of property prices and kites. Some agents will allow you to fly the kite high and then encourage you to reel the kite (the price) down a notch occasionally until the market, the buying public, the property investor bites.
The problem with this approach though is that you’re often left with little interest if the kite is flown too high initially.
We’re hoping though at Hogan’s that 2019 will be a better year in property (assuming Brexit does or does not place). There does seem to be a move back to traditional agency with great digital reach, given the collapse into administration of emoov, an online giant and the tumbling share prices and negative press surrounding Purple Bricks.
There’s also other reasons to be cheerful – Channel 4 is relocating to Leeds and there’s huge investment still in the pipeline with the HS2.
East Leeds remains one of the most affordable places in the country to get your foot on the property ladder or build an investment portfolio.
If you look at the national average prices here, we think you’ll agree:
We wish all our friends and customers a happy Christmas and a prosperous 2019.
If you’re looking to sell in 2019, you can trust us to deliver exceptional service for you.