Welcome to this week’s edition of Market Moves.
Annual house price growth is 3.4% according to the latest house price index produced by the Nationwide building society. Robert Gardner the chief economist at Nationwide said “The market is likely to remain a little soft in the coming months, following the pattern typically observed following the end of Stamp Duty holidays. Nevertheless, activity is likely to pick up steadily as summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive.”
When it comes to selling your property here at david james we are finding that overpriced homes tend to linger on the market, while well priced properties, especially in high demand areas continue to generate interest and activity. The latest data shows that homes priced correctly from the outset are more likely to secure a buyer and do so in less than half the time of those that require later reductions.
A Zoopla report shows that properties being marketed for sale are at a two year high. Available properties are up by 12% over the last year whilst Buyer demand is up 1% over the same period. The report also shows sales agreed are up by 6%.
If your interested in whats happening in the Bromley property marketed keep an eye out for our May edition of Bromley Property News which we are releasing on Tuesday.
The Renters Rights Bill is at Committee Stage and being examined in the House of Lords until May 14th. Once this is complete it will return to the House of Commons. Whilst a date is still to be set for the implementation of The Bill we expect it to be before the Parliamentary Summer Recess on 22nd July. If you have any questions about the Bill and how it may affect you as a Landlord please get in touch with us and we will keep you updated with all developments.
If you are looking to buy, sell or rent a property please get in contact with us for Free advice