New lettings overtake sales for the first time in over 80 years
As the uncertainty over the state of the UK property market continues, new research indicates that 2017 could see a greater number of new lets than sales.
Across the country, 2016 has been a strange year for the property market. With the stamp duty hike early on, followed by the Brexit vote in June, property selling experts have done their best to estimate the direction the market is headed – but so far, its behaviour has been rather unpredictable.
Without a doubt, the referendum has made many potential buyers feel uneasy about whether or not now is the best time to be investing in a house, but more importantly it’s also making those who already own more willing to wait until the market has settled before they consider selling.
As a result, those who were previously looking to buy are maintaining their status as renters for the time being – and a new report from the UK’s largest estate agency Countrywide states that 2017 is likely to be the first year that new lets overtake sales since the 1930s.
This news is perhaps unsurprising, given that various government schemes such as help-to-buy have now finished. When coupled with the fact that various lenders withdrew many of their low deposit mortgages, it is clear why first-time buyers are facing a longer wait to save the necessary funds.
“The shift between the number of properties being offered for rent and sale has been a long-term trend, boosted a bit by stamp duty and a bit by the Brexit vote,” said Johnny Morris, research director at Countrywide.
While this is great news for landlords who continue to profit from generation rent, those looking to buy are finding it harder than ever to scrape together the money for a down-payment. This report is also unlikely to be welcomed by those looking to sell their home fast, as vendors report lower numbers of viewings across the country.
There are, however, property buying companies who are willing to buy any home for cash, offering competitive prices for houses regardless of location or condition, aiding those who need to move in a shorter time frame due to work commitments or simply to retire.
Looking to sell your home fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.