By Nick Taylor, of Hadley Taylor in Norwich
Many people ask me what the property market will do next year and I tell them that if I knew the answer to that question I would be a wealthy man. One thing for sure is that it will be a better year for our business than 2009 which in itself has been a huge improvement on last year. Some commentators talk about a double dip in asset values but I don’t see the logic in this, assuming the economy doesn’t have another Lehman moment. Sure many hundreds of thousands of people are still regrettably going to lose their jobs in this country and for sure we are going to have a major about turn on public spending and the size of the State but as the economy picks up next year there will be companies taking on staff and the eastern regional economy will fare better than most in this regard due to its broad base of industries and its minimal exposure to certain sectors that have had the worst of it so far. In the New Year I think supply will start to meet demand and this will keep the lid on house price inflation which is no bad thing.
So my predictions for next year are that there will be very modest price inflation but more stock, which is good news for estate agents and buyers alike.
*Nick’s on 01603 250248