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At the
beginning of a new year we can always expect to hear many opinions on where the
property market will go over the next 12 months. We, at Royston & Lund, ended 2017
needing more stock as there continues to be a high demand for properties in the
area. We are therefore, anticipating
that house prices will rise during 2018 due to the high levels of demand and we
expect to still see predominately a sellers’ market.
Nationally
house prices increased last year by 5% according to House Price Index which is
in-line with the increase which we have seen locally in West Bridgford and the
surrounding areas.
The local
developments of new homes are giving more choice and in turn aiding the market
in stabilising; there are likely to be more properties coming to the market
as many buyers begin their search with upsizing and in some cases
downsizing.
It’s not
all doom and gloom for first time buyer’s as regardless of the increase in
interest rates, mortgage rates are expected to remain favourable, with any
further rises expected to be minimal over the next 12 months. Buyers are increasingly taking advantage of
the Help to Buy Scheme as well as Shared Ownership Schemes and therefore this
is expected to continue to drive the market forward.
In addition
to this, the abolition of stamp duty for first time buyers on all properties up
to £300,000 was announced in November, this move is expected to save the
average first-time buyer £1,660. We feel
this may provide additional motivation to those considering making 2018 the
year to become a homeowner again adding strength to the market locally and
nationally.
Due to the
facilities on offer along with the wealth of employment in the wider south
Nottingham region, West Bridgford is still a magnet for buyers who know
Nottingham, as well as people relocating into the area.
Gary Lund
said, “We expect the market to follow a similar pattern to that of 2017, while
there is still some uncertainty given the current political climate, the number
of buyers still outweighs the level of available properties and as a result
house prices are expected to continue to rise.”
This was echoed by the RICS forecast for 2018 who have suggested that
nationally we will see similar numbers in activity as shown in 2016/17 with
property transactions reaching approximately £1.2 million.
Stephanie Caine, Head of Lettings says, “During 2017 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
We have also seen an increase in monthly rental rates for
new tenants of approximately £65.00 pcm compared to the end of December 2016.
During 2017, we have seen tenants’ expectations raise significantly in terms of
requirements for modern décor, fixtures and fittings and this has helped us to advise
more landlords to invest in their rental properties to raise the standards of rental
property in general.
With the continued legal obligations being placed on
landlords within the private rented sector the industry is becoming more and
more regulated. During 2017 we have seen the changes in tax exemptions and
stamp duty for landlords/investors, Legionnaire risk assessments as well as The
Smoke and Carbon Monoxide Alarm Regulations 2015 becoming mandatory.
2018 is likely to be a challenging year for letting agents,
as we still await confirmation of when the Tenant fee ban will be in place.
Changes to EPC regulations in private rented properties is pending for April
and there is talk of electrical periodic inspections becoming a legal requirement
on all private rented properties, {which as a professional agent we do agree
with and actively discuss with landlords we work with}.
It’s likely that as we move into 2018, tenants will continue
to see rent increases as supply starts to reduce, high demand continues, and
legislative changes increase costs for landlords.
We are delighted that we have retained our position as top
Lettings Agent in the Rushcliffe area for 2017. Figures produced by
Rightmove.co.uk show we gained the most Lettings Instructions and Lets Agreed
throughout 2017 which we put down to our expertise and professionalism.”
Contact us
West Bridgford
3 Fountain Court, Gordon Road
West Bridgford
NG2 5LN
Keyworth
7 The Square
Keyworth
NG12 5JT
Sales: 0115 981 1888
Email: [email protected]
Lettings: 0115 914 1122
Email: [email protected]
Property Management: 0115 982 4949
Ashby-De-La-Zouch
4 Bath Street Corner
Ashby-de-la-Zouch
LE65 2FH
Sales and Lettings
Telephone: 01530 443 443
Email: [email protected] [email protected]
Wolverhampton
568 Penn Road
Wolverhampton
WV4 4HU
Sales and Lettings
Telephone: 01902 338 185
Email: wv[email protected] [email protected]
Property Management
Telephone: 01902 338 185
Email: [email protected]
Please note that calls may be recorded for training and quality purposes.
Royston and Lund are independent, award winning Property Specialists with branches in Ashby de la Zouch, Keyworth, West Bridgford and Wolverhampton. We are passionate about the service we offer and are proud to employ the most experienced and professional group of people in the area.
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Royston & Lund Estate Agents Ltd. Registered in England. Company No: 4239895. Registered Office Address: 3 Fountain Court, Gordon Road, West Bridgford, Nottingham, NG2 5LN.
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