Last year, nationally, the supply of properties for sale remained pretty constant throughout, with very little variation from 2016. However the number of sales overall increased. The main difference, year-on-year was a slight fall in the number of first-time buyers in the market.
Certainly, with last autumn’s budget virtually abolishing stamp duty for those same first-time buyers, I think we are very likely to see a significant up-tick and sales activity for that market.
With about the same number of properties up for sale at any time, an upswing in demand from first-timers could see a knock-on effect throughout the marketplace. Rightmove are predicting a 1% price increase in the market across the UK this year but a 3% price increase in the first-timer market. So if you have a property in the £250,000 to £500,000 price bracket, it is a good time to put it on the market. Click here for full details from the Government website
As ever, these are all just national ‘trends’ and don’t take any account of West London’s very specific local factors that can be so important when pricing and marketing your property successfully. If you’re looking to sell a property in 2018, please call us in as early as possible so you can ensure you are putting your best and most appropriate foot forward given local conditions.
In the rental market, things remained pretty steady throughout last year. According to ARLA Propertymark’s overview, around 27% of tenants saw rent rises, which was not much different from 2016. Likewise, the number of times a property needed to be viewed before it found a tenant was up very slightly.
In 2018, Government legislation on agency fees and Stamp Duty Land Tax are sure to have a continued effect and we will see a bit of tightening of supply. History would tell us that the less rental property coming on to the market, the greater the upward pressure on rents but in 2018 we believe that rents will be in line with inflation at best.
So, with that, I will leave it there for now. If you have a property you are thinking of putting on the market, give us a quick call and we can arrange a free and honest appraisal for you and we can discuss what work we think you should do to achieve the best price.