20 Mar Sell House Fast Birmingham 2017
Sell House Fast Birmingham 2017
What is the Sell House Fast Birmingham 2017 market looking like? Is now a good time to buy or sell? What are the changes to the property market that are being implemented in 2017?
The Birmingham housing market has seen some ups and down over recent times. The housing market is due to see some start changes in 2017 but how will this effect you if you are looking to try and sell house fast Birmingham.
Changes to the Sell House Fast Birmingham market 2017
The government seem to be squeezing the housing market from every angle to try and control prices. The first big change came when they implemented a second tier of stamp duty for those who already own homes. So how will this effect you I hear you scream? Well even if you don’t own a house already you may be indirectly affected. It is likely to reduce the number of buyers on the open market which may increase the amount of time you spend on the market. This has taken effect even more in the markets where prices are on the steep side. Some parts of west London have seen prices drop at levels of over 10%, with the potential stamp duty putting people off.
This isn’t the only thing slowing the housing market down for those looking for a sell house fast Birmingham service. The government are also implementing a change to the buy to let market. You used to be able to offset the cost of your mortgage, however, you will no longer be able to do this as of April 2017. You will have to pay tax on the full amount of income generated by your property. This means that your income producing asset is likely to be costing you money if you have a mortgage against it. Why have the government done this? Well, in our opinion it is the government’s bid to try and stop a second housing crisis. The thought process behind this bold move is to floor the market with new stock. Also, many landlords will be looking to try and sell their stock quickly by putting it on at a low price. This is likely to affect the sell house fast Birmingham market as a whole. As well as prices going down it is also likely to that you have to experience long marketing periods.
Brexit Is the third reason why the sell house fast Birmingham market is struggling to perform. With a market full of uncertainty and nervous buyers, parts of Birmingham have seen a sharp drop in the number of sales across Birmingham. This is causing major disruptions across the sell house fast Birmingham market and is unlikely to change anytime soon. Even when the UK trigger article 50 there will still be a long period where we have to negotiate new trade deals with the like of the EU and America, which will be a long drawn out process. During this period the UK will be plunged into economic uncertainty, this will inevitably have a knock-on effect with our housing market.
There is the HS2 rail link that will be great for Birmingham as a whole especially for the property market. Commuters to London will have their travel time drastically reduced by 45 minutes each way. The sell house fast Birmingham property market will be boosted by the demand from commuters to London which will increase the demand for property in the Birmingham area.
The Birmingham property market has overtaken London as well as other large cities including Liverpool and Manchester.
Birmingham’s rise to fifth place in the house price index for growth has been expected since the news of the HS2 rail link. Birmingham has an average house price of £146,000 for January, which is substantially cheaper than the top four cities.
The city ranks as te highest UK city for investment in the Emerging Trends in Real Estate Europe 2017. Even though it has dropped for the top ten to twenty-two, the report is based on investor views of the city for its prospects in 2017.
Scott Mcardle commented on the findings saying;
” The reason behind Birmingham dropping out of the top ten leading cities for investment prospects in 2017 was simply reflecting the uncertainty due to the impact of Brexit and this will deter investor in the city. The good news is that it still remains the highest performing city in the UK, beating Manchester, Edinburgh and London. This is due to the major improvements to the infrastructure of the city and the development of the new High-Speed rail link”
” The report also show the demand for offices in the city with 500,000 square feet being taken in the first 6 months f 2016, which is great for the city and shows the demand for companies being based in the city.”
In our opinion of the sell house fast Birmingham property market 2017, is that it’s going to be a mixed bag with many economic possibilities in 2017 due to happen we can only wait and see what is going to happen.
Sell House Fast Birmingham