Summer market update from Christopher Nevill
SUMMER is in full swing but demand continues to outstrip supply across all price ranges and some exceptional values are being achieved for properties in highly sought-after locations and offering excellent accommodation, according to partners at Christopher Nevill, Darren Murphy and Chris Harper.
The two major property related policies in the government’s recent budget – a positive increase in inheritance tax thresholds and a phased reduction in mortgage tax relief for buy-to-let investors – are not affecting the short-term market position and confidence remains strong.
A recent report from leading property website Rightmove shows that the number of new properties coming to the market has eased and the cycle of sellers not putting their homes on the market because of a fear of not finding a property to purchase has come to the fore.
Whilst this approach may seem understandable, it actually works against the interests of sellers who find themselves under pressure to find somewhere, have less room for negotiation because they are not in a strong position to proceed, and then find they are under pressure to sell and don’t maximise the marketing and value of their own home.
Putting a property on the market before committing to a purchase enables a seller to fully explore the opportunities from a well marketed sale and to select the most appropriate buyer and price and, having done so, to use that strength of negotiating position to secure an onward purchase.
Many properties are only available to buyers who are in a position to proceed and so a wider section will be available to select from too.
The lettings market remains fast moving and, in Uxbridge, the summer is a time for students to get ready to occupy ahead of the new academic year at Brunel and other educational establishments.
Bank of England Governor Mark Carney has signalled likely increases in interest rates from 2016.
Now is therefore an excellent time e to secure a mortgage loan on one of f the many excellent fixed rate schemes that are available.
Whilst interest rates are expected to rise very gradually and the base rate (currently 0.5%) is not expected d to peak at above 2%, any increases will obviously impact on the cost of borrowing and so locking in a medium to long term deal at present t rates looks appealing.
As always, the experienced team at t Christopher Nevill are here to assist t and shall be pleased to provide you with up-to-date information in order r to facilitate the achievement of your moving plans.
Partners at Christopher Nevill, Darren Murphy (left) and Chris Harper (right) and (top) the sales office at 274 Uxbridge High Street.