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Richlist

Quiet Start to 2017

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RICS are reporting that they think the housing market will have a quiet start to 2017. That's due to a massive shortage of properties available for sale. They are reporting that what comes to market is snapped up quickly.

This is great news for me as I have a tenant moving out early January, a short refurbishment/ redecoration planned and then the property will be offered for sale early February.  The situation looks almost to good to be true.

 

 

 

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I have noticed a small surge in smaller (flats) coming onto the market at reasonable prices. Whether this is down to whats going on in the letting industry who knows or it could be just a isolated bubble in a small coastal area.

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Hi RL

Hope all goes well with your sale.

I also have a property that we have owned for some 30 years, it has just come empty so we are doing a refurb, as in one of my posts we are looking into CGT, that aside is it worth selling when the interest rates are so low?, I know all situations are different but I find it difficult to come to terms with selling.

Good luck

 

   

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bil8999,

You might think you're currently having difficulty coming to terms with selling but wait until you've sold and are filling in your tax return. That's when you get confirmation of your CGT bill.......and after 30 years of ownership I can confidently assume that your CGT bill will be LARGE.

Take it from me, moving to Belgium for 5 years as a means of avoiding the CGT bill will start to look very attractive.

Anyone with enough equity in a sale property to qualify for paying CGT should get professional help/ advice to ensure they claim everything allowed in order to minimise their CGT bill.

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Well, I am the opposite. I was looking to buy next year but I am in two minds. There is a shortage of property coming to the market in my location and the prices being asked and achieved it would appear are breath taking.

I can give an example of this: 18 months I took too long to make up my mind to buy a house for £175,000. A day too long!  It sold,  It has just come back to the market and was sold for £220,000 in 3 days!

So what to do.......................... Will house prices come down next year or will prices rise?  Who really knows the answer to that. I do believe interest rates will rise in 2017.

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I think prices will continue to rise at a steady rate.....because:-

* Shortage of property.

* Lots of buyers looking at fewer and fewer for sale.

* Finance availability is good.

* Rents are likely to rise significantly making buying more sense.

* Interest rates remain historically low.....even if there is a small increase, they are still incredibly low.

* Lots of incentives to buy new from developers.

* Lots of financial incentives for FTB's from the Gov'

Etc, etc.

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I haven't been following the market closely for a while but my feeling is that the north is going to see a catch up mini boom.

I've been reading of the price rises down south for more than a couple of years, in selective areas I would imagine. The migration effect can take a while but does cause the outer regions to follow eventually.

More important in the analysis of "is it a good time to buy" is to work out where the money to buy, for an increasing number of buyers, to stimulate property inflation, is going to come from. The last boom was due to the over easy supply of credit, is credit readily available? If not is there lots of dosh tucked away by lots of investors, I'm considering investors as the most 1st time buyers that can kick the market into activity are, in my view, struggling to find hefty deposits. Although I've heard a 15% deposit is now required as apposed to the 30% a while ago, still a lot though. For the majority wage rises have been negligible for many years so their ability to afford what are still high mortgages isn't enjoying the benefit of a one sided inflation.

Are BTL mortgages easily obtainable for the wannabe LL's?

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That may be be more evident in Wales than it is in Essex. Agents here don't seem to have a problem finding FTB's with suitable deposits and mortgage offers.

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21 hours ago, Richlist said:

bil8999,

You might think you're currently having difficulty coming to terms with selling but wait until you've sold and are filling in your tax return. That's when you get confirmation of your CGT bill.......and after 30 years of ownership I can confidently assume that your CGT bill will be LARGE.

Take it from me, moving to Belgium for 5 years as a means of avoiding the CGT bill will start to look very attractive.

Anyone with enough equity in a sale property to qualify for paying CGT should get professional help/ advice to ensure they claim everything allowed in order to minimise their CGT bill.

Had a word with her indoors, Belgium is not an option

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Actually RL I was basing my doubts of the available FTB's on the continual cry from MP's and the media for more affordable housing, a very ambiguous term I admit.

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