A Firm Foundation for 2016
20th January 2016
Firm Foundation for 2016
Nicholas Bonfield, Managing Director of Nicholas Bonfield Estate Agents in Biggin Street, Loughborough, reflects on the property market of 2015 and makes his predictions for 2016.
“2015 was a real turning point for the market as a whole, and we experienced a record number of sales, especially in the last quarter where December saw a 60 percent increase on last year’s figures. The lettings market also remained extremely buoyant.
Many more buyers were in a position to proceed with cash, or were part of completed chains, enabling them to be totally ready to move.
However, particularly in the latter half of the year, there was a noticeable lack of new stock entering the market, pushing up 2015 house prices in the East Midlands by 6 percent, with a similar increase in the rental market, which could well be repeated in 2016.
January 2016 has already seen a 50 percent upturn in valuations compared to last year, possibly because of the warmer weather conditions prompting people to feel ready to move sooner than planned. In addition, from the first of April, Stamp Duty on investments and second homes is increasing by 3 percent, which will no doubt be an incentive for clients to complete any ongoing purchase as soon as they can, with a potential increase in investment properties coming on the market in this first quarter.
With many people unable to buy or save for the relevant deposit, and the average first time buyer being 38 years old, it is no surprise that the rental market remains strong, with most professional properties being let within a week to 10 days of coming to the open market.
However, The Help To Buy scheme has certainly helped first-time-buyers get ‘on the ladder’ sooner, with 2015 seeing much higher percentages of sales to this sector than in previous years.”
Year on year Nicholas Bonfield continues to grow both in sales and lettings. Open 7 days a week, our experienced and passionate staff are available to speak to from 8am till 8pm, with a telephone email service after hours.
With a combined experience of over a hundred years in the property industry, we are confident that 2016 will be another successful year. If you are selling or letting your property, or have some land to consider, please contact us in confidence for advice and support.