The Word with Sam Sproston, Partner and Office Head at Knight Frank Wandsworth, looks into the near future of the housing market in these uncertain times.
I’m delighted to be writing The Word again and giving a little insight into the world of Knight Frank Wandsworth.
Today has been an odd one. Having discovered a face ageing app and making myself look 90 years old I have been reminded that I’ll be 40 in 5 days’ time!! Ahhh!!!! At least the app has confirmed that I will keep all my hair!
There is however no app to predict the future of the housing market. We have been experiencing a bit of a run of sales here and at all price ranges – £495,000 flats up to £4m houses – and it’s good to see both ends of the market busy. But with summer things tend to calm down.
That said back in April I predicted a busier summer based on the theory that we had lost some time in the spring market whilst the Brexit saga played out. We may find that this happens again in October as the closer the date gets the more people tend to sit on their hands so it will be interesting to see how September plays out – often a busy month for listing new properties.
We have also recently heard Boris Johnson plans to shake up/ reduce SDLT and this has certainly got tongues wagging. Funnily enough we used to hear this rumour every year for the last god knows how many years and as soon as everyone gives up hope, it rears its head in spectacular fashion. The icing on the cake being that today he has suggested that he is open to swapping the tax burden from the buyer to the seller. This is very interesting as it throws open a huge debate.
I must say I’m nervous talking about it too much as it is certainly a long way short of reality but it has been interesting talking about the various pros and cons of any theoretical change with colleagues and clients.
Whatever the outcome and whatever the relief, or pain, for one side of the trade we all know too well that the market will still move as families will always need to move. It never fails to surprise me how often, as soon as I put the phone down to a buyer full of concern, I pick it up to another desperate to move and eager to buy.
Of course I also look back on all the clients I helped move home when the market actually was bad! If you’d like any reassurance on how good it actually is please follow my Instagram @SWagent.ss