What to Expect in 2017
2016 has seen the property market remain strong and steady. In spite of new stamp duty laws, Brexit uncertainty and a slowdown in the London market, demand here in Cornwall has been very good provided properties are appropriately priced. Demand is, however, being restricted by limited property stocks, and with busy sales years in 2015 and 2016 there are now fewer properties on the market.
During 2016 the market below £250,000 has remained strong, despite the change in stamp duty for second home buyers, whether it be for buy to let properties or second homes. The demand locally is good due mainly to affordability from a wide range of the market. The market over £500,000 has improved remarkably on 2015and we have seen a surge of sales in high end quality properties around Truro and on the Roseland Peninsula during 2016.
We expect 2017 to continue on this steady path with prices remaining static across all prices ranges in Cornwall. Demand is strong across the market generally and with supply still limited prices should hold up well. The London market is as ever always shifting but very much within its own bubble so although the fluctuations in the city may filter through to the rest of the UK, any impact is much less likely to be felt in Cornwall. This is the same for price increases as well as decreases in London.
The rental market also remains strong with realistically priced property continuing to let and good quality tenants searching for good quality property. Investing in property remains a good long term option for many people. Although the autumn statement revealed that agents fees to tenants maybe banned it’s unlikely that we will see any change until the end of 2017. As with nearly all Government policy, what sounded like an immediate ban was actually a proposal to 'consult' on a ban.
Many markets often panic in times of uncertainty but our advice is this, there is no need to panic, the market has been very strong this year and we expect few changes in the year ahead. Plan ahead, prepare your property for marketing, price the property realistically and use a professional agent to work with you. We will endeavour to keep you posted with any new developments, however if you have any questions please do not hesitate to get in touch.
"To Philip, James and all at Philip Martin, thank you for helping us to achieve the sale of the Century!"