Worried about the war? Here’s why it’s unlikely to affect the Surrey and Hampshire property market

As if the world wasn’t already in a precarious position, the Iran war is now gaining momentum with no real end in sight. With fuel prices, mortgage rates and economic instability on the up, it’s only natural to ask ‘does a war affect UK house prices?’.

And that’s certainly a question that our team of Surrey & Hampshire estate agents are being asked on a daily basis.

Broadly speaking, our response is generally ‘no’. So, let’s unpack why here.

1. Safe as … houses

Yes, the stock market has taken a dive in the days since the conflict began. So, too, has the price of gold. However, property generally represents a ‘safe bet’ during times of uncertainty and instability.

Perhaps what’s more important is that despite what’s going on around the globe, people are still having families and need bigger places to live, society continues to grow older, prompting downsizing decisions, and people are continually relocating. 

The war is unsettling, of course – but people still need to get on with their lives. And this means that you don’t need to worry as demand for properties just like yours will always be there.

2. Local beats international

Nobody wants to see conflict and destruction on the news; it’s heartbreaking. Yet, for most people in Surrey and Hampshire, the priority is local (or regional) employment opportunities, whether or not the schools in the area in which they live – or are moving to – will work for their children, transport links and lifestyle possibilities. 

Essentially, the Surrey and Hampshire property market is driven by local, not international, affairs. So, whilst we helplessly watch the fallout of the conflict, and even feel it at the fuel pumps, the Surrey and Hampshire property market will continue to move.

3. Slower and steadier

Of course, it would be wrong to claim that global conflict will have no bearing on the property market whatsoever. 

Based on our experience, what we might see as a result of the current conflict is people taking their time to make decisions – be that instructing an agent or even the decision to sell. However, as covered in the previous two points, life goes on and people always need to move.

And, as is often the case, those who spend more time making a decision to sell are often the more motivated buyers and sellers, which means there’s less chance of a change of mind later on down the line.

Here’s what you do need to worry about

Hopefully, we’ve reassured you with regards to the Hampshire and Surrey property market in the context of global conflict. 

So, here’s what buyers and sellers should be focussing on instead:

WPR’s view

Global events such as war are hard to watch unfold. However, from our perspective and experience, they’re unlikely to bring the property market to a grinding halt.

With regards to what sellers and buyers should be concerned about as they prepare to sell their property, the WPR team can help. Why not contact your local branch of Warren Powell-Richards to discover how.