Brexit has not as yet had a sizeable impact on the Uxbridge property market for better or worse and my research shows that the outlook remains uncertain and the Uxbridge property market is likely to be more restrained in 2016.
Brexit has not as yet had a sizeable impact on the Uxbridge property market for better or worse and my research shows that the outlook remains uncertain and the Uxbridge property market is likely to be more restrained in 2016. And as a property investor I don't think that is a bad thing.
Since the Summer property values in the area have perhaps outperformed what people were probably expecting. When I look at the monthly property prices for the London Borough of Hillingdon the results were as follows...
- October 2016 rise of 1.5%
- September 2016 fall of 1.2%
- August 2016 fall of 0.5%
- July 2016 rise of 1.5%
- June 2016 rise of 1.5%
Taking a look at the broader UK housing market, the annual rise on the year is 6.9%, 9.1% in the South East and 10.4% here in Hillingdon.
London Price Rises
Chatting to other estate agents in London, the growth in property values from 2013 through to 2015 in the capital has subdued over the last six months. However, as that central London house price wave has started to ripple out, agents are starting to see stronger property growth values in East Anglia and the South East regions outside of London. Especially those in commuter distance from the London job market.
Well, we in Hillingdon Borough haven’t really been affected by what is happening in the central London (I am thinking Kensington, Chelsea Westminster etc). The property market locally is more driven by ... confidence. The main forces for a weaker Uxbridge Property market over the last 6 months relate to economic uncertainty surrounding the Brexit process, which I believe will impact on consumer confidence in the run up to and just after the serving of Article 50 by the end of March this year.
In addition, the influence of reforms to the taxation of landlords is expected to result in a reduced demand from buy to let landlords, which will limit upward pressure on property values. However, on the other side of the coin, demand from tenants has been strong, but this has been counterbalanced by a strong supply of rental properties. In my opinion, there is a slight risk of rents not growing as much in 2017 as they have in 2016. However if supply of housing is restricted we will certainly see rents rise.
House Price Predictions - Crystal Ball Time
Savils are predicting no growth for the UK Housing market in 2017 (Halifax however predict a broad range of 1-4% growth) and that prices will rise by 13% over the next five years which is in line with Household income expected rises.
The market locally I think will preform more strongly than the UK as an average. We have seen strong rises and further rises or falls are more likely to be greater than the UK's rise or fall. Although to the south of the borough Crossrail and in the future Heathrow Expansion continue to paint a positive picture for the area.
How Can Belvoir Help?
If you are a landlord or thinking of becoming one for the first time and you want to read more articles like this about the UxbridgeProperty Market, together with regular postings on what I consider the best buy to let deals in Uxbridge, Hayes, West Drayton and the surrounding area (out of the many of properties on the market, irrespective of which agent is selling it) then feel free to get in touch.
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