20 Dec December 2016 Housing Market London
December 2016 Housing Market London
For many 2016 has been a year to forgot, but as the years draws to a close how is the sell house fast London market performing?
At the start of the year, we saw the multi-million-pound houses took a bit hit. The second tear stamp duty seemed to be putting off most wealthy buyers, as the additional three percent seems to be scaring off most buyers. This caused some of the most severe price drops in West of London that we have seen since the recession in 2007. Some west London boroughs saw declines of over 10% as vendors scrambled to reduce their values to increase interest in a failing market, with the hope to sell house fast London. Some of the west has seen slight increases in prices and sales due to foreign buyers looking for a deal.
We have seen some positive movement in prices in some of the new ‘hot spots’ in the area. The top three area we have seen increases in over 2016 have been Croydon, Battersea and Tottenham.
Croydon – With plans approved for the Westfield centre, which will boast the highest bar in Europe, prices have seen a surge with some houses seeing a thirty percent increase in prices. Post Brexit we have seen these figures start to decline, however, the market seems to still be performing well and many vendors are still achieving a sell house fast service.
Tottenham – Like Croydon, Tottenham has seen green lights for many new proposals which should breathe life in the north London borough. Works are underway to regenerate the area with a new train station, new football stadium and new accommodation. All of this activity has seen prices in Tottenham see and increase of 17% over the year.
Battersea – Although Battersea hasn’t exactly been a failing area for a while, its still made it on out hit list. The regeneration of the power station has seen a dramatic increase in prices. Some areas of Battersea have seen increases of up to 8% and this is likely to increase of the project comes to a close. Time for residents to sell house fast London.
Predictions for the Sell House Fast London market 2017
The outlook looks positive for most sources are saying. With most saying, we can look forward to an increase in prices at up to 2% across the London market. This seems to be stemming from Brexit. Many thought that Brexit would cause complete chaos with the sell house fast housing market. However, what we have seen is a strong market. There were some initial jitters that caused the sell house fast London market to slow down, but that soon passed and confidence was restored. With the UK now triggering article 50, things could go either way in 2017.
So what is new for the 2017 sell house fast property market?
The biggest change that we are expecting is the change to the buy to let tax that is being implemented in 2017. Currently, you can offset your mortgage against your taxable profit. This is all due to change in April 2017 when you will no longer be able to offset your mortgage as a cost. So what does this mean? We here predict that this will be having a massive effect on the sell house fast London market. Why? Well, many of the current buy to let landlords will be looking to offload their stock as it will be no longer profitable. This will inevitably drive house prices down. With more stock on the market prices are likely to be falling, with increase competition comes competitive pricing.
With interest rates still low then growth would be slow. Not everyone is as positive the outlook: –
“However, in inner London, Rightmove has forecast a 5% fall in asking prices. In some boroughs, there have been double-digit falls over the past year. In Camden, Rightmove said homes coming on to the market over the past month were typically 17.7% cheaper than in December 2015, at an average of just under £1m.”
So if you are looking to sell house fast then what should be the best method for you? We here at Home House Buyers suggest that you either sit tight and see what happens with the market or to try a sell house fast service. With so many changes to the housing market, including the winding town of the buy to let scheme. It’s an unpredictable time to sell. Selling a house at the start of the year is always risky as it is not a popular time to move. That coupled with changes that are coming into the market, we would advise unless you urgently need to sell then sit tight and see what happens.
But what if you need to sell house fast? There are a few options out there but we advise to have a look at our sell house fast service. We can complete on your property in 14 days and we pay all of the fees from start to finish. Call a member of our team on 08006121366 for a free cash offer.