Summer holidays are over and autumn is traditionally a good time for the property market before the quiet Christmas period which can last the three months of November to January.
Hunters sales and lettings have both increased this year despite a quieter period around May and June for the Brexit vote. The result has not had an adverse effect on the property market locally but there is some evidence that in areas which voted to remain, and particularly London and the South East which is also substantially affected by the increase in Stamp Duty, prices are subdued and have fallen on the more expensive homes.
Happily, Sheffield area prices are much lower and with even lower mortgage interest rates being announced and a buoyant expanding economy, all the signs are good for the local housing market. Historically bricks and mortar have tended to be a good investment that is more than capable of weathering storms over extended periods of time. The UK’s legacy of under investment in national housing underpins property performance as an asset class, it is simply about supply and demand, and demand for property whether to buy or to let remains high.
Confidence is also being shown by house builders and by landlords. In quarter 2 this year, over 41,000 new homes were registered by the NHBC which is the highest figure for nine years. The banking collapse of 2008 and property recession which followed is a fading memory with the developers.
Landlords are still buying in this part of the world and getting a much better return on their investment than elsewhere. Bank interest is virtually nil (and may charge you to keep your money in the future) and many people being dissatisfied with their pension performance are taking their money out and buying property to rent out as an investment. Despite increases in Stamp Duty and gradual reductions in tax relief in the future, a yield of between 5% and 10% is achievable plus potential capital growth over the years.
People still need or want to move due to many personal reasons or circumstances. Financial, matrimonial, job, too little or too much space, relationship, neighbours, schools, amenities, transport are just some of the reasons people move and this will never change.
Hunters have nearly 200 independently owned and run offices to help you move giving you the security and strength of a large national group but the top quality service you need from having local owners in each branch. 96% of our clients would recommend us for sales and 97% for lettings, figures which are much above the national average and confirm the quality of our training at the Hunters Academy where all staff have ongoing training approved by City & Guilds and ILM and recent courses lead to membership of the National Association of Estate Agents or The Association of Residential Letting Agents.
Our job is to help people put the roof they want over their heads and Hunters will continue to do what we do best, provide excellent service for anyone selling, buying, renting or letting a property. Telephone 0114 266 6626 if you require any help.