In Stockport, you wouldn’t think that the London property market is worth bothering about. The market in the capital is completely different to what the rest of us experience and it is often best to let the London property market meander of its own accord while we focus on our own affairs. However, the news that the London house market is currently falling, and at a rate faster than is being experienced in the rest of the United Kingdom, many people are wondering what the overall effect on the UK property market will be?
It is understandable that some people will hear about falling London property prices and perhaps have a snigger and laugh about it. It is likely to be good news for people looking to buy property in the English capital but for the homeowners who bought at an inflated price, this is bad news. Unless someone personally did you a bad turn, there is no great joy to be found in hearing someone is going to be in negative equity. It is best not to gloat at other’s misfortunes but of course, if the London property market leads the way, will Stockport prices soon follow the same manner?
Does London set the trend for UK property market?
While some experts suggest that what happens in London is soon repeated across the country, this isn’t likely to be the case. Will there be some impact? Yes, probably but London has so much more to lose. We are still waiting on the impact of Brexit and there is a realisation that many major banks, financial institutions and leading companies may decide to move out of London. Dublin, Paris and Brussels are all limbering up to welcome big firms and organisations, and the employees that will come with them. You can see why companies moving out of Great Britain because of Brexit will harm the capital and it may even harm Manchester, which could then impact on Stockport.
However, while there is no denying that Stockport is a fantastic option for commuters looking to work in Manchester while still enjoying a fantastic home, Stockport is making big changes of its own. This is a town on the up and a town that is witnessing significant level of redevelopment. This isn’t due to international links or major events, this is about a local area standing up for itself and creating an environment that is conducive for business and local employees. In some ways, you could argue that Stockport is taking care of itself and being prepared for any eventuality, which is certainly not a bad thing in the current economic and political landscape.
At Spencer Harvey, we like to stay up to date with all local property news and if you want to discuss Stockport property matters, we are here to help. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html