7 July 2022
Emmerson Dutton of
Bedfords takes a look at what’s important in a confusing property market.
Asked what he thought
would define his premiership, Prime Minister Harold McMillan famously replied,
“Events, dear boy, events”.
It is much the same
with the property market. Events largely control turnover and turnover affects
prices – up or down.
There have been major
global events at an unprecedented level over the last 2 years but it might
surprise you to learn that the events which so often drive the property market
are not global or even national: they are personal. These events are births,
deaths, beginning cohabitation or ending cohabitation, stage of life changes,
ambition, career success and career failure. These everyday events create a
need or desire to move on or move in.
events will always be with us no matter what is going on in the world or which
government is in power. When a government – any government – dabbles in the
property market, the result is usually a massive hangover once the policy party
No, the market is
best left to home buyers and sellers. Right now we seem to be in a state of
zero gravity. We are floating between price rises and price drops, as the lack
of property for sale is counteracted by the rising cost of living, garnished
with some pretty momentous global news.
Put it this way; if
you wait for global events to stabilise, you will wait a long time. It’s better
to let your life events direct you. That way everyone knows where they are.