‘Secret Agent’ Kate Howell, of Woodhead Sales and Lettings in Oswestry is certain 2017 is going to be another steady year, but as 2016 taught us - we should always prepare for the unexpected.
I don’t think anyone could have predicted the political events that befell 2016 at this time last year. But uncertainty surrounding the Brexit vote and the ripples from Trump’s election in the US have failed to cause an Armageddon in the Oswestry property market.
House prices to Flatline
Industry forecasters are unanimous in predicting zero house price inflation for 2017. But with this we expect sales to increase on older properties needing renovation, where value can be added. Oswestry is a microclimate when it comes to house prices - not affected by the booms or busts experienced in the big cities. Instead, reliant on a steady rise that not only allows young people to join the property market, but provides a reliable investment for the older generations too.
Rental properties to fall
Rental industry experts ARLA have predicted the number of new rental properties entering the market will fall, following last year’s changes to stamp duty and this year’s impending reduction in tax relief and the ban on letting agents’ fees. Rents are expected to increase as lower stock levels and increased landlord costs impact the market.
The year of the first-time buyer
House price deflation, and an increase in rents combined with low interest rates and a drop-off in the number of buy-to-let purchases points to 2017 being the ideal climate for first-time buyers to flourish.
These buyers traditionally buy the same type of low-cost property as landlords, meaning there will be more stock for them to choose from. And, with interest rates at an all-time low and property prices set to rise again for 2018, there’s never been a better time for first-timers to climb onto the ladder.
Moving in 2017?
We are already taking appointments for valuations for many local people who want to move house this spring and anticipate a busy and positive sales and rental market for the first quarter of 2017.