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Residential Management Team
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John Coleman, Head of Residential Sales at GSC Grays, expects to see movement in the housing market post the election, fuelled by a cut in interest rates.
He explained: “We are optimistic about the second half of the year in terms of the residential market and I expect that after the election there will be clarity and certainty to help decision making. In the lead up to the election there was frustration caused by a lull in the market.
“The current market commentary supports the view that there will be an interest rate cut in August and this will show the direction of travel and give people the confidence to commit to mortgages.
“I am confident that once the interest rates start to drop in the summer there will be more cuts to come and therefore, people will adjust their finances accordingly and get back into the market.
“In my opinion there are too many overpriced houses on the market at the moment and we will start to see movement. With more sellers there will be more options and that will take the edge off the overpriced properties.
“If sellers want to move post-election then they need to be clear about the price they want to put on their property. Going high too early is a mistake because new houses coming onto the market are likely to be more sensibly priced.”
“Increased buyer activity will give more confidence to sellers to commit to going onto the property market.”
GSC Grays News
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