Guildford Property Market update - December 2019

This month is when we look forward to the New Year and of course, this will not only be the start of a new decade but a time of great uncertainty.

Now we know that the general election is to be held on Thursday 12 December the nation is hoping that the matter of BREXIT will be resolved once and for all, so the country can experience more certainty.

Looking back over the past year, asking prices in Guildford have continued to rise across the board, as have property values. Values increased by 4.61% in GU1, 2.39% in GU2 and 4.65% in GU4 respectively.

The number of properties for sale has fallen on average by 29% over the last year; and the time spent on the market has decreased but only marginally. There have certainly been very few new listings since the end of the Summer period when houses were either completed on or removed from the portals because the sellers were possibly speculative and had therefore decided to stay put.

The general trend appears to be for properties to be listed at an ambitious price only for the owners to become disillusioned by the lack of interest in their property, blaming BREXIT and the uncertainty in the market.

The good news is that buyers are still having to move and as stated last month, the number of transactions agreed is only marginally lower this year compared to last. There is likely to be a pent-up demand waiting for the outcome of the general election so house prices are likely to  continue to rise.

Most recent sales data from HM Land Registry

Rightmove have also made the point that those liable for stamp duty on their onward purchase, may be waiting to see whether stamp duty will be reformed to reduce the cost of moving. However Boris Johnson seems to have gone quiet on his proposal to change stamp duty.

As regards the future who can tell what will happen in the local property market. The only constant seems to be that there will always be a requirement to move as people experience changes in their lifes, creating the need for houses to always be bought and sold, especially in desirable areas with good schools, like Guildford.

In the meantime Guildford Property Newsletter wishes all its readers a Merry Christmas and a Happy Year so to finish this update on a festive note here are some events coming up during December for you and your family to celebrate the holiday season.

Spend Christmas at Guildford Castle on Saturday 7th December to enjoy the traditions of Christmas time past. Follow King Edward III and Queen Philippa of Hainault as they proceed up Guildford High Street to Guildford Castle to celebrate Christmas with much noise and mirth!

Participate in the Santa and Elf Fun Run to support Phyllis Tuckwell Hospice Care on Saturday 14 December.

See you again soon for next month's property update. To request a copy of the Rightmove Price Index report please call 01483 320207 or text 07786 965631