What is the MK45 property market doing? Are prices going to crash?
This month I have been featured in the Ampthill & Flitwick Life community magazine which is delivered to 11,500 households in the MK45 area. I was asked for my professional opinion on the local housing market and now the magazine has been published I am able to share my thoughts with you.
What is the property market doing?
When people discover I am an estate agent the first question I am asked is “What’s the market doing?” but recently this has changed to
“Are house prices going to crash?”
I do not have a crystal ball however I can draw on over 25 years’ experience as an agent in the MK45 area to give an informed opinion and why it doesn’t matter.
The property market across Central Bedfordshire is very resilient, our proximity and excellent transport links to London and Milton Keynes cushion us against the inevitable dips in the property market. During the Global Financial Crisis in 2007/2008/2009 some parts of the UK saw prices drop by 20% but in MK45 we saw property prices fall by just 7.5% before rising in 2010 by 8.75%. Some ‘experts’ predicted a 40% drop!
Skip forward 12 years and we have 2 years of turmoil with Brexit and the global Covid pandemic. Again some ‘experts’ predicted property prices falling by 40% but over those two years MK45 only saw drops of 6%. Over the next 2 years (2021 & 2022) prices soared with a 17% increase!
Why does this not matter?
If you currently own a property and the value of your property dips slightly the value of your next home will follow similarly. If you are renting the cost of your rent is likely to be more than you may hope to save.
We buy a new home, not a new property. We buy with our hearts, we buy a home to live in, to raise our families in and to live in for many years. Property prices will rise and may dip however we have happy homes we can enjoy for many years to come.
To read the June issue of the Ampthill and Flitwick Life community magazine click here.
If you have any questions about the property market or about this article please call me, Stuart at Love Homes estate agents on 01525 713111 or pop me an email - stuart@lovehomes.uk .