The Most Vulnerable Property Market in the U.K.
Jeremy McGivern
Founder of Mercury Homesearch | We help individuals and families acquire their ideal homes and investments in prime central London while avoiding all the wasted time, money and stress suffered by most buyers.
There have been several articles in recent months proclaiming that London is the most vulnerable market in the UK.?
We are told that high prices compared to earnings will cause a crash.?
And yet Knight Frank reports that prices in Knightsbridge were up 3.3% in July compared to a year ago. In addition the number of exchanges in London was 13% higher than the five-year average in July, while they were 5% down across the rest of the UK.?
As usual, comments about the UK or London property market are far too general to be of any use. Indeed, the stat on Knightsbridge is also misleading as certain properties in the area will be outperforming others. In other words, the data is far too general to be of much use.?
So, IGNORE THE NOISE?
If you are planning to acquire a property – wherever that may be – you must have ACCURATE information on what is happening to prices for your target property, i.e. the style of property you want to buy, in the area you want to buy and in your budget.?
Would it be unreasonable to suggest that most other information is just noise as are most people’s opinions which are founded on the noise/hearsay??
If you don’t have accurate information, then you will probably make an expensive mistake by either paying too much or acquiring a poor property. However, you can also make an expensive mistake by missing out on a great opportunity because you were dissuaded by the noise… so please make sure you are relying on the right information.