05 Oct Why the Property Market Never Stops
You’d be forgiven for adopting a head-in-the-sand approach to current affairs.
Listening to a news bulletin filled with the energy crisis, the war in Ukraine, cost of living surges and political uncertainty are enough to put anyone on a downer.
The clouds of gloom and doom have gathered over the property market.
Will there be a house price crash is a common feature for many involved in the media to discuss.
Some ‘experts’ are confident we are heading into a property market going bust. But many of these experts have been predicting this for the past decade.
That’s despite (or perhaps because of) the past two years seeing prices increase and more homes sold than ever before in many parts of the UK.
But some more melodramatic commentators have predicted the housing market grinding to a halt.
This won’t happen. The market may slow, but it will not totally stop.
The only time it has totally stopped is for around two weeks post the initial lockdown. However, even after that first fearful fortnight, we started receiving enquiries from people wanting to move.
While the chances of a crash are always possible, never say never, the likelihood is prices may remain stable.
This is mainly because we have a national housing shortage.
Demand drives the property market. So it’s another D to add to the traditional 3Ds.
The 3Ds have been around for as long as people have bought and sold places to call home.
Death – When someone dies, and their home becomes for sale.
Divorce – When people split up, and property is involved.
Debt – Some people need to sell their home for financial reasons.
But along with demand, the 3Ds are now joined by downsizing.
Older people, in particular, are selling their former family homes to move to smaller and more cost-effective places to run, especially in light of soaring energy bills.
So the 3Ds are now five. But all play a part in keeping people and the market moving.
When reading or listening to the property market doom-mongers, it’s worth remembering this famous quote from the author Mark Twain.
“The reports of my death are greatly exaggerated.”
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