10th January 2019
Prime country market trends - spotlight on East Anglia
I have been buying property on behalf of clients in East Anglia for the past 18 years and 2018 was my standout year so far.
Undoubtedly, I have benefited from a lot of focused buyers moving out of London for better quality of life and more space. The market is certainly looking up in East Anglia but it is area specific and property values are very different across the region. Cambridge is a big focus for those moving for schools or relocating for work as trains into Kings Cross are fast. Chelmsford and its surrounds are also popular for those looking for a quick commute into Liverpool Street.
My concern for 2019 is that there will be a lack of good stock. There is never very much and the top end of the market has done well in East Anglia because of this. Lots of higher-value property has sold because there hasn’t been a great deal to buy.
There is a lot of price sensitivity – vendors must price their property correctly in order to sell. The 3 per cent stamp duty surcharge on second homes has hit people a bit but they are also getting on with their lives.
A lot rests on buyer confidence, of course, and with people moving out of London, there is a risk that these moves could stall as London property prices are not doing as well. Would-be sellers may choose to hang on rather than move this year.
People need help now more than ever if they are to buy and buy at the right price.