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Wed 3 August 2022
Peter Buckingham of Andrew Granger & Co looks at what we should be focusing on while the property market is so unclear.
Asked what he thought would define his premiership, Prime Minister Harold McMillan famously replied, “Events, dear boy, events”.
It is much the same with the property market. Events largely control turnover, and turnover affects prices - up or down.
There are major events like world wars and global pandemics, and inconvenient events like fuel and food shortages, interest rate hikes and cost of living rises. But it might surprise you to learn that the events which so often drive the property market are not global or even national: they are personal. These events are changes in relationships, births, deaths, stage of life changes, ambition, career success and career failure. These everyday events create a need or desire to move in or move on.
These personal events will always be with us no matter what is going on in the world or which government is in power.
The property market is led by home buyers and sellers. Right now, we seem to be in a state of zero gravity. We are floating between price rises and price drops, as the lack of property for sale is counteracted by the rising cost of living, along with some pretty momentous global news.
Put it this way; if you wait for global events to stabilise, you will wait a long time. It’s better to let your life events direct you. That way everyone knows where they are.
With over 32 years’ experience of the property market, Andrew Granger & Co’s knowledgeable sales teams are here to help and advise from offices across Leicestershire, in Market Harborough, Leicester and Loughborough. Find out more and get in touch at www.andrewgranger.co.uk.