ITH lproperty website Rightmove reporting the lowest levels of property for sale for some years, you could be forgiven for thinking that the property market was quiet – but the reality is somewhat different.
Lower than normal stocks of property for sale is often an indicator of a strong market and one where property does not sit on the shelf for long.That is certainly the case at the current time, the crucial factors being to adopt a sensible guide price and a comprehensive marketing plan.
Of course, the growing regularity of statements from the Bank of England that interest rates are set to rise in the next 12 months is possibly causing some to think about planned moves but many have factored in an increase into their calculations and, with some exceptional fixed rate mortgages currently available, the impact of any rises is likely to be minimal for the majority of home owners and buyers.
As part of Strutt & Parker we now have 10 prime central London branches and we are seeing an increasing level of enquiries from buyers considering the migration from the city to the suburbs, looking for a better lifestyle.This will inevitably boost demand further as we enter quarter four.
According to the Council for Mortgage Lenders, the numbers of arrears and repossessions have fallen to their lowest levels since quarterly records began in 2008.This is clearly good news and, despite slight hiccups in the unemployment figures recently, and with inflation remaining low, the general economic outlook is positive.
The lettings market also remains buoyant.There has been little fallout from the government’s announcement that it will be reducing the amount of tax relief available on buy to let mortgages from 2017, with most landlords taking a long-term view. With rising capital values, landlords still see their investments as good news, providing both income and capital growth. Rental values are steady or rising and demand continues to outstrip supply.
The summer weeks are invariably a little distorted in terms of activity – being the prime holiday period – but signs are that there will be a decent market in both sales and lettings during the autumn months ahead.
September is also going to be an exciting month with the launch of Beaumore Place, our very exclusive