February 2018 Market Comment
While it might feel that Winter is certainly not yet behind us, as far as the property market is concerned, there’s a definite ‘spring’ in the air with the latest figures from Rightmove suggesting a cautiously positive market as we venture into March.
Of the modest 1.5% annual price increase of new-to-market properties on the Rightmove portal, 0.8% of this occurred just last month! This is very much in line with our own observations – with enquiries from buyers and sellers both on the up. To put this into context, many properties coming to market this time of year would be expected to be priced approx. 1.6% higher than those last month – so a 0.8% increase demonstrates that these sellers are serious about selling.
And actually, it is the enquiries from sellers that are most encouraging – as it is only when more people come to market that buyer demand can be satisfied (that said, never let a seeming lack of available properties put you off moving – we always have a selection of ‘off-market’ properties available for consideration too!).
The SDLT (Stamp Duty) break given to first-time buyers has undoubtedly had the desired effect, with about a third of sales going to this group of buyers. This makes perfect sense, as according to the Halifax, it costs over 11% more to rent each month than it does to actually buy, excluding any capital appreciation! And according to the Association of Residential Letting Agents (ARLA) the supply of rental properties fell by 8% last month, which will only serve to put more upward pressure on rents.
The momentum has therefore started early this year (possibly due to frustrations caused by last year’s economic and political uncertainties). Combine this with the usual Spring rush, and it looks like 2018 could be a pivotal year in seeing that more people who want to move house do precisely that.
And it’s OUR job is to make it happen! So if you’re contemplating a move, your timing could actually be perfect. Call us today on 01789 414 222 for a friendly chat about your requirements and let’s turn that Snow into go!
Edward
