Property market update

The decline in the property market over the last 12 months is now pretty obvious for most to observe, even those that have fiercely fought against it and refused to believe what’s really going on in the canary wharf market have come to terms with the cold hard facts that their property isn’t worth what is was this time last year. Its been a tough market to work in especially when you are battling with sellers that refuse to acknowledge what’s really going on around them. I’ve had numerous requests lately on whether people should be selling up or holding out which is a good question. Many seem concerned about the vast amount of new build we see rising out of the ground at an epic rate, will their older property still be relevant or be tossed aside for the shiny and new. The answer is simple, if you invested well in the first place and bought wisely you will always be relevant. Canary Wharf is now more sought after than it ever was. With our infrastructure growing as fast as the residential developments and our water views on every corner what’s not to love? My advice is simple, if you need to sell right now as long as there has also been a similar downturn in the area you are buying you won’t lose, trading bricks for bricks in a like for like market will make no difference if you sell now or sell later, sell low buy low, sell high buy high, so go right ahead and get yourself on the market. However, if you don’t need to move or sell if its an investment then don’t, what’s the point of selling during a downturn if you don’t need to? I’m seeing a few panic-stricken investors thinking they need to get out quick why they still can, but this is not the case. Yes, its going to take a while, it won’t come back over night, we can thank Brexit for that. But in a few years, it will correct itself and come back even stronger than before. I’ve been working the canary wharf market for 18 years now and this is just another cycle, it goes up it comes down, but property will continue to remain the safest place to invest your cash, I have yet to see someone that bought five or more years ago not see a handsome return what ever the market has been doing. So, hang in there, don’t compare yourself with other new builds, they have their place in the market and you have yours, its horses for courses and different properties appeal to different buyers there is a place for everyone. Sit tight, relax and be confident that your investment will reward you when the time is right even if it does require a good dose of patience in this we want it all now world.

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