The Bank of England have announced an Interest Rate Cut of 0.25% to 4.25% . With the usually busy months ahead for house buying we expect this will encourage more buyers so could be a good time to consider putting your property on the market.
Enquiries and Property Sales dropped in April. A RICS report shows there was a drop in both enquiries and agreed sales for properties during April. RICS have put this down to the expiry of the Stamp Duty holiday at the end of March but beyond this with the interest rate drop the outlook is more positive. - We are finding in the present market properties priced correctly and realistically are still receiving interest and selling.
Landlord Instructions fall. More landlords are leaving the market citing the upcoming Renters Rights Bill, increased regulation, plus reduced flexibility in managing their properties as some of the reasons. The RICS report shows a net balance of -26% down from -19%. - This is likely to mean an upward increase in rents and less choice of properties for tenants. On the flip side if you’re a landlord looking to let your property rental demand is outstripping supply.
If you have any questions about selling or letting your property, please get in touch for Free advice.