The property market is ‘sticky’ if you’re an estate agent, ‘impossible’ if you’re a seller. Allegedly, it’s a buyers’ market, not such an easy trait to identify if you’re trying to find the right house. If you’re an observer with an interest in markets and not needing to move, it’s just one of those cyclical things.
Proof, which is needed from time to time, that no asset, property, shares, gold, whatever, goes up in a straight line. And that any property is only worth what someone will pay for it and, as previously rehearsed, few will drop their price simply to sell quickly.
If you’re a developer trying to flog boxes on your new estate, it can be a rather more pressing problem. Some of the biggest are calling for urgent action in the Budget, of course they are. A cut in stamp duty for first time buyers and canning the extra tax on second homes would get things moving, they say.
As would wages catching up with house prices, the average price being currently 10x the average salary. There’s the rub.
