Rightmove is forecasting a 2% rise in the price of property coming to the market in 2020 as the new majority government gives home movers a window of certainty for an active spring moving season.
Property expert Miles Shipside comments: “demand from buyers has remained almost level during 2019, with the number of sales agreed so far down by just 3% on the same period in 2018 despite the political uncertainty.”
With much of the political uncertainty now removed, we expect that the number of properties for sale will recover as more new sellers come to market, making up some of this year’s lost ground.”
He goes on to explain that “The fundamentals remain sound with low interest rates, lenders competing to lend, high employment, and average wage growth outstripping house price growth and helping buyer affordability.”
This is welcome news as the number of sales completing in the last few months has left a shortage of properties on the market.
Tom Barter, Managing Director of Philip Laney & Jolly, says that the Malvern market reflects the national trend, but feels that most people are now ignoring any sort of “Brexit” factor.
Tom says “the weather has played a significant part in dampening the number of properties coming onto the market.
It has been cold and wet for weeks now, and we are looking forward to a bit of brightness in the new year”.
In Malvern, rental demand is still increasing as landlords sell off properties before the end of the tax year.
Amanda Brice, the Philip Laney & Jolly Letting Manager, tells us that the reduction in the stock of properties to rent caused by the tax changes introduced last year are starting to bite. “Properties are letting very quickly at the moment, and we have a good waiting list of quality tenants wanting to move” Amanda reports.
If you are a Landlord and would like a review of the rent that you are getting on your property then please call Amanda or Tom on 01684 575100 to make arrangements for your free market appraisal.