Bricks and Morta
It’s at time like these I wish I had a better functioning crystal ball. Some people have been questioning the future of the local housing market and asking us our opinion as to where values might be heading off the back of rising interest rates.
This is a virtually impossible question to answer as the geographical and physical constraints of living on an island, where there is not a huge amount of development land, and a constantly growing population leaves a good residual demand for the existing housing stock.
Couple this with several local employers with many thousands of employees, the MOD, University & NHS to name but a few, where employment is generally not affected by recession in a similar way to private enterprise. We can but hope these fairly unique factors should ensure that our local market is not as vulnerable as some other areas may be, as was certainly my experience of the early nineties locally.
One thing that hasn’t really changed since the early nineties is the transportation network locally, I really feel that the time has come for the city to dream big again just imagine what doors would open for the local tourist economy with a high speed rail link from London. How is it that you can travel from Kings Cross to York (210 miles) in the same time it takes from Portsmouth to Waterloo (73 miles).
The new government seem determined to keep the housing market active, especially as it’s such a key element to our economy, with several initiatives on the way, including a reduction in stamp duty – the new threshold at which tax falls, is now raised to £250,000 from £125,00. It all helps to keep our love affair with bricks and mortar very much alive!
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