Like many people, we entered 2018 with a mixture of excitement and, we must admit, a little trepidation over what the year might bring for the UK property market.
Two months in and we have had enough time to get a clear handle on the market and the keys for successfully unlocking sales and lettings transactions.
Crucially our offices have seen an increase in prospective buyers registering to find a property. This has also been matched by an increase in the number of instructions coming to market compared and meaning that there is more choice and opportunity for those looking to move.
First time buyer numbers are being reported as rising across the UK and this is certainly true within our local area with demand for apartments particularly strong within this sector and demand for decent sized homes for those with growing families and looking to trade up also increasing.
The lettings market has also shown signs of improvement with higher quality accommodation achieving the best yields as tenants become more discerning and demand increasing standards. More and more tenants now seek properties that are professionally managed as they know that any issues that arise will be resolved quickly and effectively. This peace of mind is valuable and also enables a landlord to get the best returns.
Properties that are tired in appearance are now often struggling to achieve the same rents as a year ago and so a sensible refurbishment of such properties may be a sensible investment and our experienced lettings staff will be happy to advise you on the most appropriate course of action required in order to maximise returns.
With further tax reforms on mortgage tax relief and wear and tear allowances imminent it is important for landlords to review their position to ensure that a commercially sensible yield can still be obtained and that their investment is making a positive return.
Our aim is to help landlords grow the value of their portfolios through quality advice and excellent property management services. Our fully managed and rent collection services contribute to an improved yield for our landlord clients.
Whilst excellent prices are being obtained in the sales and lettings markets, the improvements in commitment and in transaction numbers is also a reflection on sensible pricing by sellers and landlords.
Overly inflated pricing can kill interest in a property from the outset with buyers and tenants simply choosing not to view, let alone make an offer. Making a property compelling is, by comparison, generating high levels of interest from which offers and strong values are being derived.
We provide all of our clients with a clear and effective marketing strategy that is helping to sell or let their properties much more quickly than the competition. To discuss how this strategy can work for you, just call us and one of our experts will be only too pleased to discuss your personal situation and explain how we can work together to get the result you require.
Darren Murphy and Chris Harper