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House Prices Feb 2017

House Prices Feb 2017

House Prices Feb 2017

We have a look at House Prices Feb 2017 to see which areas are the big climbers and fallers in the UK property Market.

So what is happening in the property market today? The papers seem to be saying that the market is exploding with prices going up as much 15% in some areas so is it easy to sell house fast?

So which sell house fast areas area the big climbers and fallers in this months chart. One of the worst affected areas in the UK is Hemsley in North Yorkshire which has seen falls of 0.4%. This is very unusual as North Yorkshire is normally a good area if you are looking to sell house fast. The other places in England where prices are falling faster are Carlisle, in Cumbria, Middlesbrough, in Teesside, and, surprisingly, Hammersmith and Fulham in affluent West London.

The reason behind the property market stalling is due to economic uncertainty and inflated house prices, properties are selling fast like a year ago, houses are sticking on the market for 10 months with little or no interest.

What’s even worse is that estate agents across the country are predicting completed transactions to fall even further in the next 6 months.

The experts are predicting an 11% drop in property completions, which is the lowest level since the 2008 financial recession.

Vendors are panicking, which is causing them to drastically reduce their prices on the open market.

A house in London stays on the market before it sells takes 196 days a month more than a year ago which is a worrying sign, vendors are struggling to sell house across the capital whether it’s a flat or a house.

Sunderland has been hardest hit with vendors waiting the longest time to achieve a sale and are spending a staggering 293 days on the market, so you won’t be expecting to sell your house fast.

It’s always important to strike a good balance between setting a price too low and being able to sell a property.

The problem any potential vendor has is being sold the sales pitch by an estate agent and usually, the temptation to market your property too high is too much and go with the highest valuing agent.

If the price is too high the property won’t sell and the property will become stale with would be buyers thinking there’s a problem with it.

Always do your own research on your local property market, don’t get sidetracked by an estate agent try to sign you up to his agency by giving you a ridiculously high value.

In April of last year, the stamp duty threshold for buy-to-let properties and second homes was lowered to £40,000 and a 3% surcharge emposed.

These new changes have brought in half as much revenue as the government were expecting and has been blamed for the steep decline of the property market, this decline has cost the UK economy £1 billion.

Along with the stamp duty reforms came Brexit this sent share prices and profits for many estate agents and housebuilders tumbling.

London has seen the biggest hit from the Brexit decision, with growth at its slowest rate for 4 years and the number of under 25s owning a home has more than halved in 20 years, which has seen houses and fast not selling fast at all.

2016 wasn’t a great year for the UKs housing market. While housing has rebounded stronger than predicted after Brexit and with the fear that growth will be nowhere near the previous year.

This year will be dominated by the landmark political event in triggering article 50, as with any market the uncertainty with breed caution and will in turn, continue to lower levels of activity which won’t help vendors sell house fast.

Experts are predicting minimal to zero growth for the property market in 2017, while a big developer in London is predicting a 1% drop over the next year.

The areas which are going to hopefully see the biggest property prices rises according to the royal institute of chartered surveyors are the West Midlands, the North West and East Anglia which should record the highest gains over the national average. The lack of supply is at the forefront of the study and dominates the residential market.

Predictions aren’t set in stone but one thing is for sure 2017 is set to be a bumpy turbulent ride.

March is expected to see plans set out to boost housing supply at which the Government is facing pressure to reduce stamp duty, then the trigger of Article 50 and it seems fair to say 2017 will definitely have its fair share of market moving events.

Housing supply, the governments target for 1 million new homes over this government’s term remains to be seen, at least they know there is a greater need of new homes across the UK. The obstacles facing residential developers need to be lifted to get the quota built. The problem we haven’t been able to construct enough new homes across the UK which has created this epidemic of  shortages of homes up and down Britain. Which has created a housing bubble and foreced prices to rise so rapidly over the years.

Summary

In our view at Home House Buyers the major event which will undoubtedly slow down the housing market is the UKs exit from the EU, while interest rates are bound to go up at some point this will have a big impact, also creeping inflation which will make the cost of living even more expensive. The shortage of housing will keep demand high which will hopefully steady the ship, hopefully, there will be a change to the stamp duty laws which will ease the market.

 

 

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