A new normal for the Wokingham property market?

A new normal for the Wokingham property market?

At the time of writing, the property market has just finished its first full week of being reopen. It's far too soon for us to say anything meaningful about the state of the market in Wokingham. We're not really ones for wild speculation about what might or might not happen, but we would like to share a few thoughts about the factors in play.

 

Many commentators are drawing comparisons between the 2009 credit crunch and our present situation.

 

Back then, mortgage finance evaporated overnight, so hardly anyone could move apart from cash buyers. Currently there's no sign of any strain on the mortgage market.

 

In fact, the opposite is true. With interest rates being so low, the purchasing power of buyers has increased even further.

 

It will take a while to see real movements in house price data. A fairly pessimistic forecast says prices might fall, albeit briefly, by around seven percent.

 

For context, a fall of that order on the price of an average home in Wokingham equates to about £34,200.

 

We think this in unlikely, but remember it would work both ways, i.e. the price of the home you want would also be lower.

 

We've been involved in the property market for a very long time now and never has it been more important to work with a local market expert who can guide you through the next steps.

 

We don't have a crystal ball, but we do know what logic looks like in this, or indeed any market environment.

 

If you're a buyer or seller who wants to make the most out of your next move, please get in touch - we'd love to help.

 

Stay safe.

 

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