07 Jun Birmingham Property Market
Birmingham Property Market
The housing market has been so unpredictable this year and the uncertainty isn’t likely to stop anytime soon. With the market seeing drastic changes new rule implementations and also the BrExit results hovering over us we are more and more likely to see a drastic change over the coming months.
So what are all of these new rules and implementations that are affecting the people trying to sell their house fast in Birmingham. The first new implementation that was brought about in April was the introduction of a new bracket of SDLT for those making their second purchases. This has forced the market to slow down somewhat with the additional %3 on top of the current stamp duty to be just too much to stomach. This has caused the market to slow down somewhat and for those looking to sell house fast, it’s looking less and less likely they will be able to achieve this.
The next major issue and again this is to affect the BTL investors is the implementation of the new tax threshold which will remove landlords’ ability to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to pay tax in 2017. For those whose properties are unencumbered, it’s not a problem but for those that have a mortgage, it will massively affect their income and in some cases even their affordability of the property as a whole. Speaking to property experts we have been advised that the worse to be affected is the landlords with the large portfolios as they could be making a loss rather than a property. With this in mind, it is likely that over the year we will see many BTL landlords ‘dumping stock’ and the earlier the better for most. So what affect will this have on those people trying to achieve a sell house fast Birmingham service. Unfortunately, this isn’t likely help houses to move, more than likely to overcrowd the market and drive prices down. There are some experts saying not to worry as things could change, however, some aren’t taking that risk and already starting to dump their stock.
The third and final issue affecting the property market is the word that you can’t escape ‘BrExit’. The referendum is on the 23rd of June and is likely to cause uncertainty until the results are tallied up. We have seen a slow in the market over the recent month, mainly due to all of the scaremongering that has been going on with both parties. So what if you need a sell house fast Birmingham service before the 23rd of June? We can help you to achieve a sale in a matter of days, so if that is what you are after then click our offer button GetAnOffer.
It’s not all doom and gloom as Birmingham is one of the top ten places to invest in Europe according to The Telegraph. It currently sits at the 6th best place to invest Europe with Belin topping the table. So many are still saying it is a sound place to invest it may just be a case of holding tight and seeing how things are going to pan out over the next year. Average house prices in the area are still up 10k according to the Birmingham post which should fill you with a bit of confidence through this uncertain time.
As genuine cash buyers, we here at Home House Buyers can help you if you are trying to achieve a sell house fast Birmingham service so just give a member of our team a call on 0800 612 1366.