Most parts of the UK tend to see a surge of activity at the start of the year. Not only this but we see an increase of more motivated and serious buyers, as opposed to the summer months, with better weather and longer daylight hours, there tends to be more ‘window shoppers’.
This has been backed up with the activity we have seen here at Websters where we have secured 3 buyers already from the 4 newly listed properties which were instructed on the first working day of 2018 – Tuesday 2nd January!
But how we continue through 2018 is influenced by many things such as:
For the first time in over a decade we saw interest rates rise, only by 0.25%, which for the average tracker mortgage meant an increase of £22 per month. However a majority of mortgages in the UK are fixed which results in most homeowners being unaffected by this. With suggestions of another 2 further rises in the next 3 years, many are predicting another increase for 2018. Although because the economy is still fragile it is likely to only be another 0.25% rise and shouldn’t not have much effect on the market.
First Time Buyers;
FTB’s were the biggest winners of 2017 with Stamp Duty abolished for properties less than £300,000 and reduced for properties less than £500,000. This should lead to an increase of those able to afford getting on the housing ladder.
In December 2017 we saw households take on the highest level of mortgage debt since the beginning of 2008. This tied in with the lowest level of people falling behind their mortgages since the beginning of 2007 which has had a positive impact with lenders and their rates.
Last year was a positive year for house prices in the UK between 1st January to the 12th December house prices on average increased by £28 per day which totals an impressive £9,652. Take a look at our Top Of The Props special to see just how impressive the increase was in NR2!!
In conclusion there seems to be a positive outlook for the coming year and we certainly hope to enable plenty more families to secure the right buyer to move themselves up the housing ladder in 2018!! If you would like to be one of those we support on their way up (or down) please call our office on 01603 670646.
Blog by Chris Daws at Websters.