PROPERTY MARKET UPDATE - MARCH 2017 “side-valuation-button"

16 Mar 2017

PROPERTY MARKET UPDATE - MARCH 2017

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Spring and all its glory will soon be here and we are looking forward to the longer days and sunnier months ahead.

Spring Budget

Chancellor Philip Hammond delivered his Spring Budget last week and disappointingly; he chose to overlook the housing market. With the buy to let sector feeling unfairly targeted by the various tax changes and regulatory increases, one had hoped for good news. A reversal of the 3% SDLT surcharge or a return of full tax relief for interest payments would have been massively welcome. However, this didn’t happen and we now have to wait to see whether he will address these topics in the autumn.

Housing White Paper

The release of the Government’s White Paper on Housing was met with mixed reviews. It’s encouraging that the Government are intent on trying to fix “our broken housing market” but the overall consensus was that the measures announced to tackle the housing crisis lacked any real substance. Only time will tell if the policy and legislative amendments will be sufficient in increasing housing numbers.

General Outlook

On a more positive note, Rightmove recently reported an increase in new buyer activity, mortgage lending is on the up and the National Association of Estate Agents (NAEA) has forecast that transaction levels will remain steady. The Bank of England announced today that the base rate will remain at 0.25%, which is good news for home buyers and those looking to remortgage. In addition, the UK economy has proved more robust than many anticipated according to recent data published by the ONS data and the unemployment rate is at its lowest level since 2006.

Thinking of moving this spring?

As the weather improves, so does the property market. The longer days make this season an ideal time for additional viewings, with the natural light and blossoming gardens helping to make your home more appealing to home movers.

Many buyers and tenants also look to move at this time of year in time for both the summer and the start of the new academic year in September.

Pricing correctly is key in today’s market. People often feel that their house will sell or let itself. It won’t. Over-estimating its value will put buyers and tenants off, and although you can later reduce the price, you’ve lost that sweet spot which generates immediate interest. It has to be the right price, first time.

With over 25 years’ experience in the local property market, we are committed to helping you move. If you are thinking of selling or considering renting your property, or if you are simply seeking some advice, we would love to help.

Contact the team at your local branch or pop along and speak to one of our property experts in person and discover a refreshingly different approach to marketing your home.

We look forward to hearing from you.





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