- Sun 07 May 2017
Welcome to Bradleys second market review where we will be looking at the first 3 months of 2017.
The good news is that so far we have seen some very stable signs in the property market which we believe is set to continue for the remainder of the year and in fact for the foreseeable future.
Looking in a little more detail the numbers of new sales are slightly down as a direct comparison with 2016, but that is no surprise, as exactly 1 year ago the Stamp Duty changes were made , which caused a huge clamour for sales to completed before the end of March last year to avoid paying the increased tax. This put a large spike in the number of sales in the first quarter of last year and along with the Brexit vote effected the second and third quarters results.
2017 is different, there is a steady stream of new properties coming to the market, however in Exeter and Plymouth we are seeing a lack of new sellers coming to the market which is causing a spike in demand so potentially driving values up. We will keep watching this and report back at the next market review
We are expecting sales to pick up again from April compared to last years numbers as the market has responded to the stamp duty changes which has helped bring more First time buyers to the market which is good news.
However as the values are increasing, investors are slowly returning to take advantage of rising values which negates the increased costs of the stamp duty rises.
Mortgage rates have remained low so borrowing is still cheap and there is a no sign as yet of this changing so now is still a really good time to buy.
House prices across the south west have gone up in the first quarter and at a slightly higher rate than we predicted in last month’s review. This reflects in real terms a 6% increase in the value of property compared with the same period last year. We will keep a close eye on this and report back in our next review as this may just be due to a shortage of property which will change if more houses come to the market.
I hope you have found this helpful please visit us on are website or pop in to any of one of our 33 branches if you would like more detailed information on what is going on in your area.
They say there is nothing as safe as houses and that was never more true than it is today!
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