Call Us for a Market Appraisal
contact us today
The introduction of the new increased stamp duty, which came into effect on 1st April last year had a huge impact with buy-to-let investors hoping to complete sales and escape the increased tax as the deadline loomed. This aided with the market rising by roughly 5% in the early part of 2016 and up until the Brexit vote was announced. Due to the uncertainty and negative media coverage surrounding this, the market began to quieten.
House sales began improving post Brexit and September and October saw sales up by almost 20% on that of the previous year. We have ended the year needing more stock as there continues to be a high demand for properties in the area. Nationally house prices have increased by 7% according to house price index which is in line with what we are finding locally.
Val Shakespeare, Director comments; “We have started the year well, already having seen several instances of sealed bids and have every reason to believe this will continue throughout the year.
Due to new local developments coming to the market within the area, there are likely to be more properties coming to the area as many buyers begin their search with upsizing and in some cases downsizing. We are expecting that prices will continue to rise albeit at a steadier rate to that of previous years.”
Stephanie Caine, Head of Lettings says, “During 2016 a shortage of property to let in the area has left many tenants feeling disappointed and frustrated. There has been huge demand for all types of property and we have seen an increasing number of properties being snapped up as soon as they are listed and in some cases before they can be actively marketed. This demand has been consistent over the last 2 years and stock levels have remained low, especially during certain months. However, there has been a marked increase in new investor landlords towards the end of 2016 which has levelled the market to some degree. We have also seen a slight increase in monthly rental rates for new tenants of approximately £50pcm compared to the end of December 2015. During 2016, we have seen tenants’ expectations significantly higher in terms of modern décor, fixtures and fittings and this has helped us to persuade more landlords to invest in their rental properties to raise the standards of rental property in general."
We are delighted that we have retained our position as top Lettings Agent in the Rushcliffe area. Figures produced by Rightmove.co.uk show we gained the most Lettings instructions throughout 2016 due to our expertise and professionalism, whilst also successfully building our management portfolio due to our customer service focus.