Here we are again at the end of another year, and as seems to have become tradition, I find myself taking time to look back over the last 12 months of the property market and the wider world.
Last December, I was contemplating the settling of interest rates and the improvements of the market after what had been a year of consolidation. There were even suggestions of a yearning for change. Well, we certainly saw that towards the back end of this year. Hastily called General Elections and October Budgets from the new Government, brought potential hurdles to the market which seem to have been taken in stride. The effects of an altogether bigger election, over ‘The Pond’, await to be seen.
As expected, the interest rate levels were cut mid-year in a helping hand to all those looking to borrow, including those looking for mortgage finance. The rate of inflation dropped below target and the cost of living came down (although it may not feel like it for some).
During this time, the property market has been busier than the previous year, and we have seen continued activity which has been unabated by any of the potential banana skins the year tried to throw in its path.
The main stumbling block in a sale process has become time. Average timescales for a property to proceed from agreed sale, to exchange and completion, currently sits at 16 weeks. This can lead to anxious buyers and sellers and heightens the need for effective communication and sales progression.
The beginning of this New Year promises to be a busy one. The interest in property tends to start mid-January, and we have the impending reintroduction of Stamp Duty Land Tax at the lower starting point of £125,000 come the beginning of April. There will be a big push for any property already under offer, to be exchanged by then.
Once again, the signs for the property market look positive, and after the impressive year we have had across the company with regard to the sheer number of sales over target, we are expecting this success to continue. Hopefully, your year is as positive as the property market has been over the previous 12 months.
As always, we wish you a healthy and Happy New Year from all at Poole Townsend.