With a new PM and the matter of taking the country in to a Brexit era I have been asked many times this week what will this mean for the Bingham housing market.
Theresa May stated in her Keynote speech a few days before she was confirmed as the new PM -
“We need to make our economy work for everyone – which is by giving people more opportunity”
She went on to say “It is also why housing matters so much and why we need to do far more to get more houses built. Because unless we deal with the housing deficit, we will see house prices keep on rising.”
I was really pleased to hear her spell this out as this is exactly what Bingham needs. The current demand from tenants is so high it is pushing up prices we can achieve for a rental property. There are so few properties available that are in good order that we have a long list of people waiting for houses.
It doesn’t matter which way you voted in the last general election – with the slow pace of new building since 2008 there has been little new housing available for those getting old enough to set up home and with more people living longer in their homes it puts a squeeze on the property that is in the town. This is a fact we can not ignore.
I do think Brexit is a concern for those in London as house prices are over the top and rely on overseas investment. In Bingham we rely on the demand from families looking for a good base to raise a family and commute to work. The town offers that. With the demand for housing ever increasing and not enough new property being built for many years I don’t think Bingham will see a drop in house prices.
Lets hope Mrs May does not get distracted by Brexit bickering and can find the time to progress matters at home and keep the economy growing. If lending continues as promised by the major banks then I believe the property market in Bingham will continue to see house prices rising.
In Bingham there are still people looking to invest in property. It is a market town that is ready for future development and its location ensures that there will always be access to a jobs market. I believe it will continue to see capital growth and as long as you do your research before purchasing a property you should see consistent yields as well as long term growth of your investment.
In summary Brexit may affect the property market for a short time but the numbers of people needing housing and the numbers being built can only mean one thing – demand will continue to out strip supply. And while that is the case property investment is still a good option for many people.