As superstitions run high at the start of 2013 with the ominous number ’13’, the chance of an asteroid in February and not forgetting the fact that the world should of ended by now, you would be forgiven for thinking that the 2013 property forecast would be looking rather glum, but according to the leading lettings agency in Corby this is not the case.
We expect rents will be flat to slightly up, partly due to affordability issues, but these will increase where there is a strong demand over supply.
Experts are claiming that throughout 2013, the shortage of stock will mean that there is a quick turnaround on rental properties which will also result in fewer void periods.
The sales market however is expected to be effected by the notorious bad luck of the number ’13’, with critics warning that in some parts of the country, such as Scotland and the North, property prices will dip by up to four per cent.
Of course this is good luck for those with the money to spend or the shrewd purchaser looking for a New Year bargain.
The market is split three ways. It is a great time for the residential landlord to invest in property, a bad time for homeowners wanting to sell with the predicted reduction in property prices, and those looking for properties to rent may be hit with increased competition for good accommodation and increased monthly rents.
Landlords looking to expand their portfolios should do so now. Desperate times call for drastic measures from vendors, with many offering special reductions or giveaways. If sellers are desperate to get rid of their properties they will sometimes accept less than the market rate.
For more information please do not hesitate to call us on 01536 267755.