This week at Diamond Move, your local estate agent in Hounslow; we have received many phone calls from a number of worried sellers and buyers.
All asking us is it a good time to buy and is it a good time to sell?
So we thought to spend some time to write this article to give you an indication of how Diamond Move is taking in the current situation and how we feel effects the Hounslow property market.
If we first look at the market in general; Post-Brexit in some areas we are seeing property prices come down but in some areas it seem the property market is still maintaining its same levels as Pre-Brexit.
Why is this?
Well the answer is supply and demand. In some areas demand still outstrips supply.
If we take the area of Central London where we saw over the last few years property prices increasing substantially where the demand was high mainly from foreign buyers Pre-Brexit.
Post - Brexit; Central London buyers are worried and retracting from investing as a cloud of uncertainty hovers over London. However with the fallen pound value some foreign buyers are hoping to bag a bargain in London - so in that respect the demand will still be there from Central London buyers but at a much lower buy in value.
Now lets compare the market in Hounslow.
Hounslow is and will always be an area of interest in the first time buyer market and buy to let market. Reason being Hounslow serves a great Tube Network in and out of Central London within approx 45 minutes which gives a certain commute to and from a work of place there. Also it provides and serves and fantastic commute to Heathrow. With Heathrow forever expanding it just means there is more certainty; and where there is certainty there is demand. but most importantly Hounslow is much more affordable than properties in Zone 1,2,3. So why pay a high price tag where a few miles out you save a substantial amount on money when buying or investing.
Sheetel Bisran, Managing Director & co-founder of Diamond Move says: We are still achieving prices at pre-brexit level whether the method of sale is the tradition open market sale or the sale via Auction; yes we have seen a slow down but the end result is a property still being SOLD at asking price or even above asking price.
This tells me that out there there are still buyers that are certain in what they want; and they want a property in Hounslow. But as it stands now, demand is still being well above average in Hounslow I believe the house prices in Hounslow will remain at the level it is at now.
So to conclude: the Hounslow market still seem to be holding strong for now, we predict that it will weather the storm as long the demand for Hounslow remains strong.
Written by Manraj Bisran
