“The results of the Brexit vote have done little to dampen the property market in New Malden, there are both an abundance of properties for sale and buyers looking to purchase. Whilst the number of houses selling is still at a high level, prices themselves have been slightly affected. This is not to say that prices have dropped since the steep increase between early 2014 and 2016, but that sellers must be more realistic when selling their homes and receiving offers. Gone are the days of multiple offers and selling significantly over asking price, which had started to become the norm up until April 2016. Over the last 2 years and in particular throughout the earlier part of 2016 we have become so accustomed to properties achieving high prices that despite the results of Brexit and the recent speech by Theresa May many sellers expect to achieve the same level of prices as before. Whilst the market has cooled, it certainly hasn’t dropped and we are now very much in a ‘normal’ sales market. Buyers are more cautious with their offers and also have a lot more choice, as such they are making much more calculated decisions with their offers and in most cases as long as a seller is realistic in such a price sensitive market, then they will still be able to sell. In short, houses are very much still selling and achieving strong prices as long as both buyer and seller are realistic when thinking about how much they can buy and sell for.”
Ashkan Hariri is the Senior Associate for New Malden, covering New Malden and Worcester Park.