13 May Nottingham Property Market
Nottingham Property Market
With all of the changed in today’s property market, many people are feeling unsettles and unsure as to how the Nottingham property market may have changed and will affect your area and more to the point, your house.
The housing market has seen a drastic change implemented this year with the increase stamp duty for those buying second homes. ‘How will this affect me?’ I hear you say. Well, it is likely to reduce the amount of potential buyers for your property for concern for the additional fees they will incur. With a reduced amount of buyers on the open market, this can only force a decline in sales and then ultimately drive prices down. The change brings an additional 3% stamp duty on top of any additional stamp duty you are already required to pay. So as a potential buyer looking to buy a second home in Nottingham, this could seriously deter your buyer from purchasing or it may just cause the buyer reduce the price in line with the stamp duty increase.
There are more changed scheduled to come in next year that could affect the Nottingham property market. The government is proposing the change the tax on buy to let properties tax. Currently, tax on buy to let properties is just based on the net profit you make on each property. What the government is proposing to do is to tax you on the full amount of income per month on the property. We here at Home House Buyers feel that it is bound to have a dramatic effect on the market in two different ways. Firstly, those that would be looking to buy your house as an investment may now be deterred, due to the increase in tax and potential profit. Secondly, we think that there will be many BTL (buy to let) investors will be looking to offload their stock back onto the market. This could cause the Nottingham property market to becoming saturated with new stock. This (we feel) would increase the levels of stock on the market, increasing competition and again, drive prices down.
The final chink in the armour is the possibility of BrExit (Britain leaving the EU). This is could affect the Nottingham property market as some are predicting a housing would crash if we left (Guardian). The IMF have warned ‘A panic among investors would trigger shockwaves throughout the economy, sending shares and property prices into a spin’. So if you are looking to sell house fast Nottingham then now might be the time. We here at Home House Buyers could make you an offer on your property and complete before the BrExit date of June 23rd.
So besides the doom and gloom, how else are thing going in the property market. Well, things aren’t too bad, although things are slowing down currently, prices have been going up years on years and last year even saw gains in some area of 10%.
With things slowing down what should you look to do if you are looking to sell house fast Nottingham? Well, we here at Home House Buyers can offer you a sale on your property within a matter of weeks and to cover all fees throughout the transaction. We pay for solicitors fees and you also avoid having to use an estate agent so can save several thousands of pounds by not using one.
Most of our sell house fast Nottingham transactions complete within a matter of weeks. So if you are quick, you will be able to sell if before BrExit and not leaving it to the unknown. For a free, no obligation cash offer just call a member of our sell house fast team on 0800 612 1366 or you can fill in our online enquiry form here.