- Fri 17 Feb 2017
In order to keep you informed with what is happening in the South West property market, we will be bringing you the latest news on house prices, legislation, investments and a whole lot more.
To start with we have a brief summary of 2016 followed by our predictions for the rest of 2017.
Having collated the figures from 2016 we thought we would share some of the statistics from the South West property market highlighting what an interesting year it was and our outlook on the year ahead. Whilst the year started with lots of activity; people striving to beat the stamp duty increase in April, followed shortly by the Brexit vote, the number of overall properties that came to the market were slightly down on 2015. Interestingly, the number of sales were up. After the turbulent months’ mid-way through the year, confidence returned in the autumn and didn’t let up for the rest of the year.
The highlight for all home owners is the average price of a property rose by 3.2% during the year to an average price of £222,000. The reason for the increase quite simply, is down to the shortage of property available and the continued increase demand from buyers.
This is one of the reasons that we feel confident that 2017 will prove to be a successful year at Bradleys. Money is both extremely cheap to borrow and is widely available from lenders around the country. Investors are keen to put their money into property rather than gain little or no interest from the banks.
So what do we predict for 2017?
Property will remain in short supply and demand will still be high so that will cause the value of property to increase. A conservative prediction will see a 4% increase in value by the end of the year.
That will see the average house price rise to over £230,000, although it could be even higher.
One thing is advised, if you are looking to buy a property in 2017 then we suggest you do so sooner rather than later.
If you have any thoughts or issues you wish for us to raise via our market updates, please feel free to get in contact via our website, facebook or twitter.
See you again soon.
What to do next…..
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