I'm sure many of us saw the ITV report on the effect Brexit has (or may have) on the residential housing market, which reported not only on house prices, but the effect Brexit may have on the construction of new homes. The report highlighted the fact that, with market uncertainty and low mortgage interest rates, now is a good time to buy.
This view is reinforced by recent property auction sale results. At the Barnard Marcus auction just two days ago, properties were reported to be selling at vast excesses of their guide price, with an overall increase in (a) the number of properties being offered for sale and (b) an increase on the capital value of those properties, when comparing this period to the same one last year.
As we enter the holiday season results from the first six auctions of the year continue to show strong gains on last year's levels, with the total number of lots offered up by 11% to 1,148 and the capital value up by £11.8m to £156.8m. Our July auction included a number of notable sales, where again eager buyer appetite drove prices well above guides for many lots.