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2016 auction review Another successful auction year… Auctioneer Andrew Morgan MBE reflects on 2016: “What a full and momentous year it has been for us all with wars, the resulting refugee problem and unexpected political Olly Hollis Looks ahead to 2017: “In the property world Christmas is a great watershed with everyone pushing for completions and few new instructions
change dominating the headlines. These circumstances would in the usual course of events stall the property market or even blow it completely off course with resulting diminution in prices. Whilst there has been some evidence of the ‘Brexit’ effect amongst one or two larger investors and developers, in general, the property market has held together and confidence has remained strong in the auction room, a true thermometer of the state of the property market.
coming to the market, consequently by the time January comes round it is like opening a new office and starting the world again!
2017 will be another unpredictable year with the long Christmas holiday giving people time to reflect on the future of post Brexit Britain. My own views are that for vibrant provincial centres the market will continue to see steady growth, remembering that interest rates are low, there is a dearth of new homes and basically people need to continue to move for a multitude of reasons thus driving the market forward. In addition I can see the investment market continuing to prosper as, investors seek safe and secure places to invest their money with a higher return than many other investments currently offer. Larger development projects and houses for the super-rich may well linger on the market while the details of the EU withdrawal terms are negotiated, so some secondary quasi- commercial properties may well present good investment opportunities for a sharp eyed investor. In general I see no reason other than to greet 2017 with a huge degree of enthusiasm when the property market may have some interesting twists and turns but overall I predict a time of reasonable growth.”
One of the joys of an auction, of course, is the range and type of property that can come to the market from suburban family homes, city townhouses to rural retreats, commercial investments, garages parking and land. 2016 has seen salmon fishing estates, banks, squats, police stations, magistrates courts, bakeries, chapels, coach houses and our first telephone repeater station! Although many people regard the future as uncertain there is no doubt that the continued housing shortage combined with low interest rates and the security of property as an investment will keep confidence in the market and although spectacular price increases may be unlikely a steady property market seems to be the most likely scenario for 2017.”
hollismorgan – the results speak for themselves…
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