We’ve seen a quieter month for property news but as expected a busier month for property completions. As discussed previously, the stamp duty changes come into effect as of the 1st April and the legal teams are working hard to meet these deadlines. With a matter of days left in the month we approach a new financial year in good spirits and with market optimism.
As usual the national and international news is filled with uncertainty and trepidation but our little corner of the world remains resilient and the property market is following the well-trodden path. As the months pass by the numbers grow. More new property, more viewings and more sales.
In fact across the first few months of the year there has been a 3% average annual increase in average house prices in the North West according to Zoopla reports, which is more than double the increase in the South.
Perceived fears that the impending stamp duty changes will have a limiting factor on the market and lead to lower agreed sales are not bearing fruit. We wait to see if the proposed renters reform and changes to leasehold tenure will have any impact.
There is evidence that the 200% council tax charge on second homes is leading to more people looking into selling and therefore a further increase in available property. The continued attraction of the area still sees high demand from locals and those coming in from farther afield so the increase in property is just helping service demand.
With the always anticipated busy Spring months upon us we are ready to help you buy or sell your property and guide you through the process from start to finish. Having led the market for sales this year across the South Lakes and Furness, as usual, we are best placed to handle your property in the Spring market.