Welcome to another edition of ‘Rooftops’, which we hope you will find continues to be a good read, full of interesting and informative articles. We also hope that you might want to consider buying, selling or letting a property through us as well – but if not, at least you’ll know where to come when a professional service is required.
Since our last issue, Britain has voted to leave the European Union. Immediately following that vote a significant number of would be purchasers decided not to proceed with agreed purchases. However our fortunes followed the stock market and soon sales in the mid-market and below were back to previous levels and better. In the higher price ranges the effect of the sharp increases in Stamp Duty has been pronounced and there is reluctance to accept this level of taxation.
The problem now is a very limited supply of property coming to the market – we would estimate some 30% less than the norm for this time of year. The result is a strengthening of prices in the mid and lower end of the market and we see no reason for that to change until such times as the terms of our withdrawal from Europe are known. Our strong advice would be that if you intend to sell, don’t wait; there is exceptional demand.
In the rental market our lettings division continues to grow from strength to strength; yet again, the lack of supply is forcing rents upwards. To some extent this is exacerbated by the low levels of sales instructions. In this area too, we urgently seek to satisfy the demand for high quality housing. So landlords, please consider us!