With the new year upon us, Christmas decorations carefully packed away and the familiar sight of Easter eggs appearing on the shelves of some supermarkets(!); there is much to be positive about when it comes to the local housing market.
Seemingly within moments of the gongs of Big Ben chiming in the new year, the raft of so-called experts begun their annual predictions on house price increases. Whilst it is clearly great news that there is once again talk of increases rather than prices falling, it is perhaps a little soon to predict how 2016 will pan-out, many ‘experts’ have predicted rises of around 8% in East Anglia this year which seems a little optimistic. Last year was a turning point in the housing market, with a return to confidence amongst buyers fuelled by a variety of cheap mortgage deals; however this was coupled with a distinct shortage of stock which in turn pushed prices upwards. The Bank of England look set to finally raise the base rate this year, the general consensus being by 0.5% in two increments of 0.25% – this equates to around £30 a month for those with a £100,000 mortgage. These increases will be welcomed by those who have savings who will finally see some return on their hard-earned cash, however they will undoubtedly affect those looking to buy or remortgage.
To those looking to sell this year but who may be hesitant, I urge you to contact a professional for an up-to-date market appraisal – I’m confident that you’ll be pleasantly surprised – all that is really required for 2016 to be the ‘bumper’ year which the experts are predicting is for those thinking of selling to actually do so – fresh stock will reinvigorate the housing market and go some way to satisfy the many people who are actively looking to buy.
Lastly, I write this article from Musker McIntyre’s shiny new office in Harleston; having opened in the town in early 2013 and enjoyed three years of success in the IP20 area; we are pleased to have relocated to larger, more prominent premises on London Road. I invite anyone looking to sell or let their home in 2016 to contact your nearest Musker McIntyre office for an informal discussion about how we can assist. Happy new year!« Back to Latest Monthly News