Change. A small word with potentially a big meaning. Some promise it and the benefits that follow and others fear it with the uncertainty it may bring. The one change we can all wish for is to the weather! Is it too much to ask for some sunshine in summer?
Earlier this month the country decided a change was needed and the new government have promised to deliver. Whatever your political beliefs, we are heading into a new chapter and we all wonder what the future holds.
The property market, along with everyone else, is waiting to see if this change comes its way and how this will affect us. The people who will be most interested are likely to be multiple homeowners. Be it a second/holiday home or an investment property, there are already questions being asked as to what might be in store.
Changes to rental regulations and tenants rights have been in place for a while now but will these be expanded upon? Murmurings about double council tax on second homes have been heard but as yet unactioned. Will we see any changes to the stamp duty land tax? All things that have been forefront in peoples minds and unfortunately without a clear answer until an announcement is made.
And the big question. How will this affect the property market as a whole?
The market itself has maintained throughout with high numbers of property coming to the market throughout the last month and plenty of people booking viewings. Any radical changes to policy would be risky so soon into power and with inflation reduced and interest rates held (planned reductions may be held off for a month) people are still willing and able to buy.
The expectation is that the market will continue as expected with activity levels maintaining throughout the summer and autumn months. Whether or not we see an increase in available property as landlords and second homeowners decide to sell we will have to wait and see. What is sure is that Poole Townsend are fully equipped and capable of dealing with whatever change may bring.
Get in touch with our experts if you're looking for advice on the current lettings market or buying and selling property.
By Craig Turner. Property Department Manager & Valuer, Kendal Office