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PROPERTY MARKET UPDATE - MAY 2017

The housing market continues to prove its resilience as the long-awaited activating of Article 50 starts the beginning of a two year negotiation process to agree the terms of the UK’s exit from the EU. Consumer confidence in the economy remains steady, while low interest rates ensure access to competitive mortgage credit. Mortgage lending levels remain stable, while loans to first time buyers are on the increase. Is now a good time to sell your home and could the General Election affect the property market? With the recent news of a June General Election, some home sellers may be questioning if now is the right time to bring their property onto the market. Traditionally the uncertainty in the lead up to an election impacts on the economy and this in turn affects the property market. However, the general view is that this election is unlikely to have any major influence on the property market. With just under 5 weeks left until polling day, many housing commentators believe that a decisive win for Theresa May will encourage confidence in the economy and could result in a surge in housing activity post-election, meaning serious buyers might be well advised to get ahead of the crowd. So, if you are planning to move, now could be a good time! Buyer activity as its highest since 2007 Increasingly stretched buyer affordability will continue to be a price moderator for sellers who are over-ambitious with their pricing, tempering the pace of price rises. Rightmove's latest report has revealed that the number of sales agreed at this time of year has risen to its highest level since before the financial crisis. According to the figures, the average price of property coming to market has risen by 1.1%, pushing the national average to £313,655 and exceeding the previous high of £310,471 set in June 2016. Miles Shipside, Rightmove director, stated: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs.” What’s happening in the residential lettings market? As we enter a traditionally busy time for the lettings market, rental demand remains high despite the current challenging market. The rental market as a whole is steady. We’ve seen the average time of a property coming onto the market to being let shorten in March, so we’re avoiding periods where properties are left with no rental income being provided. With all the new build developments, there is a larger amount of supply meaning more choice for tenants but if the property is priced correctly and presented well, then there should be nothing to hinder a successful let. We are here to help 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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