To Brexit and Beyond
Investabroad Properties Managing Director Peter Veitch ponders the UK and overseas property markets in Brexit year, 2019.
There was a time before 1973, the year of the UK's first big property boom, when houses and flats in the UK were seen as investments, but hardly as commodities. They were mostly regarded as homes that would be paid for by the time their owners retired - providing security in later years and perhaps even the means to move to a holiday or retirement home in southern Spain.
In the four decades since that first boom, attitudes and expectations have altered a great deal. Retirees are now as likely to want a modern, UK city centre, lock-and-leave apartment as a permanent home abroad, whilst also investing in one of the many outstanding overseas investment opportunities.
The housing market has changed also. It has become big business. The post-war generation, the baby boomers, have profited greatly from the waves of boom and bust that followed that first housing bubble. It is hard to envisage the subsequent generations taking as much from the property market as their parents. But in property, of course, one never really knows.
So where will it go from here? What does the New Year hold in store? Certainly those in the property industry are very unsure. The elephant in the room is, of course, Brexit. Nobody can quite know how this national tumult will affect the UK property market – or the markets in European and other countries for that matter.
So, if you are thinking about selling your UK property to move locally or downsize and invest in a holiday or retirement home abroad in 2019, you have choices. Consider them wisely. But also recognise that this is an extraordinary time.
Nothing is certain. Don't bank on the killer sale of your own property but do aim for a great purchase. Be realistic. Price, price, price is as important as location, location, location. For your sale, don't put your biggest asset in the hands of an inexperienced local agent, just because the commission quoted is attractively low, for the outcome is often very disappointing.
Nobody quite knows where he or she is in this Brexit year. But at least everyone should know where they want to be – and should use an established, professional estate agent to help get them there. Investabroad Properties can introduce you to any of the 320 UK offices comprising the Mayfair Office Network. Just contact Peter Veitch for details. As for your purchase of an overseas home or UK investment, check out the Testimonials on this site to see that you will be in safe hands.