2016 was undeniably a year of change. And as always the property market has been at the front of such change. Any adjustment in government, policy and finance affects the housing market, so it’s no surprise that the changes which have set up the future of the western world for the next couple of years have resulted in property coming under scrutiny.
As the eventful year becomes a distant memory, the UK’s largest online estate agent, I Am The Agent, has looked back at the year in the property world and provided predictions for the forthcoming year.
Over the course of 2016, despite the impending ups and downs, property prices have increased steadily. Now standing firmer than they were at the same point in 2015, the housing market has shown nothing but signs of stability over the last 12 months.
Rebecca Peach, Managing Director at I Am The Agent, said, “The strength of the property market may come as a surprise to many, but when you consider all the factors, it isn’t entirely shocking. What is quite surprising however is that July, which was the immediate month following the referendum result, saw an impressive price increase of just over nine percent in England – when compared to 2015’s figures.”
The latest figures released, which refer to September 2016, highlight an increase of 8.3 percent in England, while Wales was seeing similar trends, with prices 4.4 percent higher than the previous year.
Despite property prices increasing, the number of property sales has fallen since the summer. They fell 4.3 percent between August and September, which is lower than levels in 2014, 2015 – and importantly, before the stamp duty changes in early 2016.
Rebecca, added, “It is not just the economic challenges that have resulted in the number of homes decreasing; the increased stamp duty on second homes hit the market – as you’d expect. Although great for cutting down on competition, it does mean there are now fewer buyers, which obviously will result in fewer completions. Add that together with media scaremongering after the referendum, and as a whole, the industry is neither too concerned nor shocked by the decline.
“We expect that the number of completions will steadily rise again in the spring as people look to move. The stability the property market has shown over the last year will evoke confidence in buyers and sellers, and encourage them to make the move – even with the decline of the Help to Buy Scheme.”
That being said, I Am The Agent has posted some incredible stats for 2016 – and where it counts. Many of their properties sell within a very short time period – much lower than the national average – with some taking just days to be snapped up. But in order to make sure sellers achieve the best possible results, the expert advises sellers to make sure their property is well-presented, photographs are clear and relevant, the description is accurate and the pricing is competitive without being too low. After all, according to the agent, it is much better to get the price right from the beginning to ensure it reaches the right audience from the get-go.
To find out more about I Am The Agent and their market-defining packages that include a whole host of benefits as standard, visit the website: https://www.iamtheagent.com/
Stay up to date by flowing their social media channels:
Twitter: https://twitter.com/iataonline
Instagram: https://www.instagram.com/i.am.the.agent/
