We are a nation of house experts and every day there seems to be a new article forecasting what has happened or will happen to prices in the next 12 months etc. Most of these come from economic research companies, banks and obviously the larger estate agency firms. The sad truth is as much as we would like to believe in them, predictions in the last 5-10 years have often been way off the mark. How many times did we hear during 2012 onwards that interest rates were going up…..only for the next move to actually be downwards. In theory these researchers are independent but in reality are Savills going to talk down the market when they are in the business of all things property ?! It’s also similar to the pollster who predicted a hung parliament last year and a remain victory this year - both predictions were wrong !
Ultimately there is no harm in reading property articles and forecasts to understand the rationale, but at the end of the day you need a make that final decision yourself as we do here at Assure Property. One of the key factors is understanding that broad brush generalising on national indices is not relevant to a spefic flat, in a specific block, in a specific square with a a specific view. The market consists of many micro-markets and it is having the skill and experience to analyse those is the key to making correct assumptions rather than relying on what Nationwide or Barclays tell you on the bbc….
We leave you with one of the more useful pieces of stats you might read that Chestertons produced recently.