The clocks have gone forward and Easter is already behind us.
The market is now in its traditionally strong “Spring” phase with increasing numbers of buyers and tenants looking to move, many with families looking to secure school places ahead of the Autumn intake.
Interest rates remain low and with the recent removal, or at least reduction, of stamp duty for first time buyers, there is definitely more activity in that sector of the market.
The changes in stamp duty having boosted first time buyer activity have reduced demand from buy to let investors and so the supply in the private rental sector is slowing. This is something of a “double edged sword” in that, subject to tenant affordability, it will likely see rental returns increase as supply tightens. Some potentially positive news for landlords as other Government measures on rental sector taxation start to bite.
From April 1st it is no longer legal to let a property with an energy rating below E. Existing tenancies that may fall into that category can continue but landlords with properties with F or G ratings will need to improve their energy performance to rate E or higher in order to set up a new tenancy.
The property market is always interesting, activity can ebb and flow with sentiment, confidence, regulation and interest rates all playing a part in creating the operating environment.
The underlying position though remains. People need somewhere to live and the medium to long term history and projections for the future are positive.
Quality advice from experienced industry professionals is key and we are here to help.
Remember the famous words from Red Adair: “If you think it is expensive to hire a professional to do the job, wait until you hire an amateur!”