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What does 2018 have in store for the local housing market?
The start of the year has seen a very busy office at Changing Home both in terms of putting new properties on the market and agreeing sales. Whilst we are only in mid January we feel there is cause for general optimism about the local sales market. We do feel however that it is still vital that sellers try and be realistic in pricing their properties.
The latest report from Rightmove has revealed a busy start to 2018. According to the site, visits are up by over 9% so far in January when compared to same period last year.
The stats revealed that the average price of property coming to market is up 0.7% this month, similar to the 0.6% rise at this time a year ago with a virtually identical number of properties coming to market.
The boost given to first-time buyers by the abolition of stamp duty means that properties in that sector are facing higher demand and consequently more upwards price pressure, especially if supply is limited.
Rightmove’s latest report clearly demonstrates the health of the property sector right now. Every region excluding Greater London has experienced anything from 1.1% to 4.7% annual growth which is fantastic considering the economic challenges we’ve had throughout 2017.
The North West seems to be set to continue to be the best region for buy to let investors. Low property prices and high rental demand in key cities will remain as the key driving force, in addition to capital growth prospects and high rental yields achieved.
The annual figures paint a great picture for the North West property market. What it does show is that prices are rising for each region except Greater London – a fact which we believe is mainly down to the shortage of stock. This is particularly evident in key northern cities where there is just not enough stock to satisfy potential buyers. Whilst the stamp duty abolishment for first time buyers has created a flurry of activity already, the exercise is pretty useless unless there are actually homes for people to buy. The Stamp Duty exemption scheme for first-time buyers has already seen entry level properties attract a premium; an outcome which many predicted when the announced was made in November.
All in all then, whilst generally not a racing start to 2018, the market would appear to have maintained a steady equilibrium which is in many respects, a significant outcome given current economic and political headwinds. Locally however we at Changing Home are very pleased with 2018 so far and we feel it is an excellent time to trade within the market.
Do call us if you want to have us visit you and give you an idea of what we think you can sell for right now.
