NO PROPERTY ARMAGEDDON IN 2017
‘Secret Agent’ Kate Howell, of Woodhead Sales and Lettings in
Oswestry is certain 2017 is going to be another steady year, but as 2016 taught
us - we should always prepare for the unexpected.
I don’t think anyone could have predicted the political
events that befell 2016 at this time last year. But uncertainty surrounding the Brexit vote and
the ripples from Trump’s election in the US have failed to cause an Armageddon
in the Oswestry property market.
House prices to Flatline
Industry forecasters are unanimous in predicting zero house
price inflation for 2017. But with this
we expect sales to increase on older properties needing renovation, where value
can be added. Oswestry is a microclimate
when it comes to house prices - not affected by the booms or busts experienced in
the big cities. Instead, reliant on a
steady rise that not only allows young people to join the property market, but
provides a reliable investment for the older generations too.
Rental properties to
fall
Rental industry experts ARLA have predicted the number of new
rental properties entering the market will fall, following last year’s changes
to stamp duty and this year’s impending reduction in tax relief and the ban on
letting agents’ fees. Rents are expected
to increase as lower stock levels and increased landlord costs impact the
market.
The year of the first-time
buyer
House price deflation, and an increase in rents combined with
low interest rates and a drop-off in the number of buy-to-let purchases points
to 2017 being the ideal climate for first-time buyers to flourish.
These buyers traditionally buy the same type of low-cost
property as landlords, meaning there will be more stock for them to choose
from. And, with interest rates at an
all-time low and property prices set to rise again for 2018, there’s never been
a better time for first-timers to climb onto the ladder.
Moving in 2017?
We are already taking appointments for valuations for many
local people who want to move house this spring and anticipate a busy and
positive sales and rental market for the first quarter of 2017.