PROPERTY • FEATURE
EXPERT
OPI N ION John Martin of John Martin Estates in Ealing gives his take on the property market with the benefit of over 30 years in the industry
S
o much has happened since I prepared my article for the November 2019 issue, not least a snap General Election called in the hope that the deadlock experienced in Parliament might be broken. We all know the result of that election and, whatever your political persuasion or how you voted in the 2016 referendum, the fact that there is the prospect of movement and the possibility of economic stability can only be positive news. The question, of course, is how the property market will react to these events, given everything that happened in the lead up to the festive season, a traditionally quiet time for activity. In my opinion, the market will be buoyed by a new sense of confidence in the next two quarters, as whilst we do not know exactly where we will be by next year or in a few years' time, people still need somewhere to live, may have to
move areas for various reasons and generally want to get on with their lives. The first main event, aside from our EU departure on 31 January, will be the Budget in March. It is hoped that this will bring further assistance in respect of stamp duty changes and perhaps a successor to the Help to Buy scheme, so that first-time buyers are still encouraged but much-needed assistance is also provided across the board to hard working families, especially key workers. The anticipated new confidence in the market may also encourage those disillusioned landlords to sell, especially with the proposed legislative reforms and other changes in the private rental sector; for example, the newly publicised requirement to carry out electrical inspections will be effective from July 2020. Again, this will encourage those much-needed first time buyers into the property market. However without doubt, the lettings market is still extremely active with
“How will the property market react to recent political events?” reasonable, but not excessive, rents being achieved. However it remains to be seen whether landlords will continue to endure the impact of the tax and other changes. As I write, I am preparing for a trip to Edinburgh for the Great British High Street Awards (postponed from November because of the General Election) which I was honoured to be asked to judge. In my visits across the country to see our amazing high streets, I was encouraged by the sense of community on display even in the challenging times we have encountered; the positivity shown by the many business owners should be an example to be followed. I would urge everyone to use their high streets, including traditional high street agents, who invariably know the local market well. They have their finger on the pulse and can provide the personal service we have all come to expect, especially from the smaller independents.
For advice on the property market, Pitshanger Village and Ealing and to view the properties available, please contact John and his team. John Martin Estates 020 8998 3333 johnmartinestates.com
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