Mandy Stark, Conveyancing Compliance Manager at leading regional law firm Tollers, considers what lies ahead in the property sector in the coming year:
JANUARY is widely known as the most popular month of the year for people to make an offer to buy and sell property. The two leading property portals reported over 100 million hits in January in 2015 and a 45 per cent increase in December 2014. Will December 2016 and January 2017 continue in the same format?
We would like to believe the market is to continue to be buoyant and property prices increase but the question arises, why is January so popular? What is the attraction of buying and selling in the cold winter months??Do people view properties on the dark evenings? Do people have money in January after the expense of Christmas? Are properties looking their most attractive? ?
There are various reasons why people move house; expanding families, lifestyle aspirations, employment, to get on the housing market ladder but the main reason is a financial decision. From my experience, it is mainly clients who are looking to buy a property as an investment who have additional funds early in the new year. Some have tax allowances to use before the end of the tax year,?they may have tax refunds due, profit to spend and, therefore, buying now is perfect timing. The national average amount of time it takes to buy and sell a property is eight to 12 weeks. If a matter is instructed as soon as possible in February, then it is likely all the effective dates will be hit. ?
With Brexit looming, no one is certain what the mortgage lenders will do in the future. Will they offer fewer products, increase interest rates, restrict lending to people with larger deposits? Facing this uncertainty, the cautious people will wait but the financial advisors’ opinion now is that the rates are currently at some of the best offered so people are securing the rates now.?
Will the Brexit changes show an increase of activity in the spring?
Most the large national housebuilders’ year end is December so they do not market many properties in January, this leaves the market for second-hand properties in a better position.?This means not only is now a good time to buy a property it is also a key time to place the property on the market for sale.?There will be less competition with new homes.
If you are considering a buying or selling a property in 2017, Talk to Tollers on 01604 258558 for all your buying and selling property needs.
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