Romans’ forecast for the year ahead
The team at Romans Uxbridge from left) Emma Powell, Bradley Smith, Jacob Cross, Bobby Malik and Rebecca Roberts.
LAST year was one of surprises. From Brexit to tax relief for landlords, it proves you never really know what the year ahead is going to hold. However, here’s how Romans expects the year to pan out.
Thinking of buying or selling?
The signs indicate that property prices and the number of property sales will remain steady throughout the year however there are a few areas locally that Romans believe will buck the trend in 2017.
Jacob Cross, residential sales manager, at Romans Uxbridge explained: “Crossrail is still going to play a part in house price increases for the towns located along the Elizabeth Line, with West Drayton, Burnham, Maidenhead and Reading having already seen significant increases.
Reading has also been highlighted as the UKs fastest growing town, partly due to Crossrail but also due to the continued development in the town and its infrastructure.
“The proportion of first-time buyers has increased and the National Association of Estate Agents reported that in October a third of all house sales were to first-time buyers.
“I don’t think this is solely down to the stamp duty surcharge on investors though, as there have been other incentives put in place by the government like Help to Buy and New Buy which are making it easier.
“We expect this to continue fuelling the market this year,” added Jacob.
Investing or letting in 2017?
Keeping on top of lettings legislation continues to be an ever-moving feast so Romans would expect no less from 2017.
Changes to tax relief and the banning of tenant’s fees as announced in the Autumn Statement are likely to have an impact. Other changes we’re expecting to see include the creation of the ‘Renter’s Rights Bill’, extension of HMO licensing, mandatory electrical safety checks, a rogue landlord’s and letting agent’s register and compulsory client money protection.
Bradley Smith, lettings manager at Romans Uxbridge explained:
“It will be even more vital for landlords to ensure they are completely up to date with all the legislation.
Having a reliable agent to take ownership of that responsibility removes all the risk and subsequently makes the job of being a landlord less stressful.”
Taking into account all of the above, whether you’re buying, selling or investing, Romans’ view is that this is still a market worth investing in. Let’s watch this space!