As Christmas approaches one genuinely finds that the property market settles down with fewer peop...
As Christmas approaches one genuinely finds that the property market settles down with fewer people putting their property on the market for sale. In truth it is hard to launch a property in late November and expect to complete prior to Christmas but not impossible if your estate agent finds you the right qualified cash buyer with a limited chain. However, if you are thinking of moving soon it is still wise to get a free market valuation / appraisal and discuss options, as being on the market during the festive time is wiser than waiting until January as the portals register their busiest days on Boxing Day and New Year. Being on the market already could mean you get the New Year off to a great start with numerous people chasing your property and thus securing a great price from the right buyer - putting you ahead of similar properties nearby.
So, perhaps it is a time to reflect on what has happened this year and stare into our crystal ball and make predictions about next year. Always a dangerous thing to do as we often see many "experts" quoted in the mdeia getting this wrong. How many would have predicted the sharp rises we saw in Spring and early Summer this year?
Let's focus on GU1 and GU4 for now.
2014 saw prices rise by 10.6% across Guildford (inlcuding GU4) as an average in the last 12 month. Yet GU1 rose at 11.58% , so why did GU1 out perform the area's average?
Possibly due to the demand to be close to the town centre combined with demand to be near George Abbott School, but most likely due to there being a lower percentage of detached properties in this postcode (18.41% in GU1 vs 33% in GU4). The demand for 4 bed houses is very strong and supply is limited thus creating the higher price increases.
What will 2015 bring?
We believe there will be a reduction in sale transaction volumes and an increase in rental demand, probably pushing rents up in 2015 by 3-5% and causing house prices to stabilise with no significant rise or drop through 2015. It remains harder than ever for first time buyers to buy due to larger deposits required and the mortgage market review making it harder to get mortgages. With interest rates only likely to go up and the general election on the horizon many people may decide to sit tight until we know the outcome and timings of these. The mansion tax hovers in the back ground causing some stagnation in the £1.7m-£2.5m market, but we believe that even if Labour do gain power they will eventually change this to a higher council tax bracket. With both ends of the market temporarily blocked choosing the right agent has never been more important.
So if you do wish or need to move in 2015 please speak to a local Guildford Estate agent such as ourselves and get free advice as to what is best for you. You might even see letting out your home as the best way to move. We recommend speaking to a local expert and you should find an independent agent will provide the better service for you rather than just "get the commission and run". Belvoir is a local franchise, owned by local property expert Glenn Wakeham and run with the support of a large network of 160 offices.
We look forward to hearing from you and wish you all the best for the festive period and of course for 2015.