Sales Market Very Slow

[Richlist]

According to my Estate Agents the property sales market is very slow. It has been getting progressively worse since the Brexit vote......and SDLT hasn't helped.

We are talking specifically :

* My part of Essex and

* Properties in the £500K + price range

Because properties in this price bracket are struggling to find buyers, those looking to trade up are struggling as well.

It's traditionally quiet around Christmas but apparently this whole year has been bad way before now.

I hope it picks up in the spring......i have a flat to sell.

[Melboy]

The higher end property sales are slowing down as mortgage money becomes tighter to obtain due to closer regulation by banks and building societies. Throw into that equation SDLT and the general economy and it is seriously affecting progression on sales. Around me I have two properties in the 500k bracket that have fallen through twice but mainly due to collapses in the dreaded buying/selling chain.

My Daughter works for a large local multi estate agency and she reports that properties up to £250k are selling well and BTL investor's are still buying property below the £200k price. 1 bed flats are selling well also and these are mainly available for around the £110--- £125 price range depending on location.

The general opinion is that resale property coming to market will slow down and prices will drop by a small percentage in 2018.