Property auctions are renowned for reflecting the mood of the market in real time – private treaty transactions can take months from initial closure of the deal to exchange of contracts, completion and the eventual reporting in the various professional magazines and government statistics.
Despite the widespread predictions of the Brexit remoaners, the property auction market has shown little signs of decline across the country with the possible exception of the already overheated London sector – which is not as dependent upon Europe as it is by non-EEC countries around the globe.
Indeed, auctioneers have reported stable results in all sectors and regions – generally slightly up on instructions, prices achieved and percentages sold during 2017 compared with the previous year.
The increase in stamp duty for small investors, removal of mortgage interest from the tax computations on buy to let and the (recently withdrawn) proposal to prevent agents charging fees to potential tenants appears not to have had the desired effect of damping down the demand in the buy to let sector. The removal of stamp duty for first time buyers will probably increase demand and firm up prices for start up homes in the residential market.