Time to buy a house?
PUBLISHED: 12:22 29 June 2016 | UPDATED: 12:25 29 June 2016
David Bloomfield of Savills on the balance of power in the property market
Who are you and what do you do?
I’m David Bloomfield, director at the Loughton office of Savills.
What do you love about your job?
I enjoy solving people’s housing problems whether they’re looking to buy or sell. Moving house is an expensive transaction and is often regarded as a very stressful experience whereas it should be a time of excitement, of looking ahead to a positive change. The more proactive an agent is, the easier and more enjoyable the moving process and, when we help people achieve that end, it’s very rewarding.
What are the key things happening in the property market?
There has been a big imbalance in supply and demand, with lots of buyers chasing fewer properties and, as such, paying more than they might like. In recent weeks the power has shifted from seller to buyer with the run up to the EU referendum.
Many buyers looking towards this area are from London, many may work in finance and an ‘out’ vote could result in companies cutting back numbers or moving their head office. As such there’s a sense of uncertainty which is making people more cautious about making a move.
The uncertainty around new stamp duty rules has also had a knock-on effect and a summer of big sporting events like the Olympics and European Cup provide distractions which may mean those less committed to a move decide to hold off for a while.
So, is now a good time to buy?
It has been very much a seller’s market and this might redress the balance slightly. The key for anyone looking to move is to be in tune with the current market conditions and that’s where agents have to be very honest with clients and provide up-to-date, accurate intelligence. As an agent you need to be able to read the market and that’s something that comes with experience. Savills has been around since 1855 and, in the Loughton branch alone, we have over 60 years of experience between us so we’re certainly well-placed to provide an informed opinion.
Should vendors put their sale on hold?
I’ve worked in this area since 1986 and it’s always been an attractive place to buy with its good schools, easy commute to London and wealth of green spaces right on the doorstep. It’s also comparatively good value for money compared with central London. That isn’t going to change.
It takes something very big, like the banking crisis of 2008, to dramatically change the marketplace. Vendors may well find things more competitive in the coming months but, ultimately, the area is still in demand.
Where do you live?
I live in Ongar. It’s an easy commute to the office but far enough away that work life and home life don’t overlap.
What makes you happy?
I enjoy classic cars and watching rugby. Other than that, knowing that I have done a good job for our clients, makes me happy. When people call to say thanks after a move it’s incredibly satisfying.
Get in touch
The Triangle, 1A Smart’s Lane, Loughton IG10 4BU