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Simon's Market Comment :

Whatever your political persuasion, the result of the 2019 general election is without a doubt a positive one for the economy, as has been demonstrated by both investment in the pound and reactions across the city. It is therefore also a positive result for the housing market, one of the cornerstones of the UK economy.

My hope is that the result means conclusively that the investment in public services, which Mr. Javid assured me at the meeting in our offices was a priority, remains so. He promised that the treasury only seeks to reduce taxes where the impact would provide greater income for this much needed public service investment, and I believe now more than ever they should be held accountable to fulfilling such promises. With Boris Johnson’s overwhelming majority comes a responsibility for the Government to bring hope and certainty to the lives of people across the UK, after much political turmoil over the past few years.

Turning now to the housing market, the result is not all good news as we still face the challenge of ill-advised and ill thought through policies, such as the removal of Section 21 evictions that will leave landlords vulnerable to being tied to troublesome tenants, thanks to a lack of proper speedy resolution through a congested court system. It is vital that pressure is kept on the Government to understand the negative implications poorly thought through policies might have on the housing and rental markets, and I will do my best to represent the market by continuing to fight against these damaging agendas.

The buy to let market and landlords in particular have borne the brunt of political scrutiny and intervention. While much of the new legislation introduced to the letting market might have been needed and welcome, the level and speed of implementation has felt relentless. As the dust settles, the letting market, especially in North London, remains very strong, with demand continuing to outstrip supply. The raft of tax changes and legislation has meant some landlords have left the market, which leaves room for those with a more long-term view to take advantage of the continued demand for rental properties.

At Martyn Gerrard we continue to support tenants with products such as “Nil Deposit” whilst also providing security for landlords, not compromising on referencing tenants, providing rent guarantees and allowing our managed clients to settle their fees on a monthly basis.

While we shouldn’t expect there to be an explosion in property market prices, what we can now expect is a return of confidence to a market that has weathered extended periods of uncertainty, and an increase in activity within the market.

People will now feel they can get on with their lives and this confidence will be pivotal in enabling people to move, as those who might have held off will now get back into the market assured that investing in property is a safe and sensible decision.

The end of 2019 brought well-earned recognition for Martyn Gerrard, as we were recognised three times over at the annual Negotiator Awards, including being named ‘London Agency of the Year’. The awards recognise and celebrate the very best estate and letting agencies in the UK, and we were distinguished for our longstanding work in the North London area. In addition to being crowned London Agency of the year we also won two national awards, including silver for ‘Marketing Campaign of the Year’ and bronze for ‘Estate Agency of the Year (10+ branches)’.

Winning these awards is a fantastic acknowledgement of our investment in innovation, coupled with the dedication and hard work exhibited by our team here at Martyn Gerrard. Every branch has worked tirelessly to help our clients sell their home, let their property, find a dream home or move up the property ladder. As we move into 2020 we will continue to strive for excellence in the North London community and build on our legacy of putting people before property.

Arguably one of the most important outcomes from the recent general election result is that an end to Brexit dithering is now certain, and people can begin to get on with their lives!

Interest rates are low and the barriers that had been holding people back from putting their property on the market or making the decision to buy have been removed. The North London market is a resilient one, and we at Martyn Gerrard have seen it weather much bigger storms over the past 56 years. We look forward to working with old and new clients alike in 2020, and demonstrating why Martyn Gerrard are best equipped to help you fulfil your property dreams and achieve the best from selling or letting your property.

 

Simon Gerrard FNAEA PPNAEA MARLA

Managing Director