The ups and downs of the housing market is almost always at the heart of heated debates around the country. I find it rather interesting how different and sometimes conflicting opinions are expressed. One minute there are suggestions that we are yet to recover from the recession, and the next there are statistics equally suggesting that mortgage lending is at its highest level in years and that house prices on average are higher than ever.
At Arnold Thomson, we deal with property transactions for our clients across the nation; from Buckingham in the South to Melton Mowbray in the North, and from Wellingborough in the East to Bicester in the West.
With our offices in Towcester and Market Harborough, we service the needs of many of our esteemed clients in these two towns and it comes as no surprise that the housing market is somewhat different. Although it is safe to say that the property market is a lot more buoyant in both Towcester and Market Harborough than it has been in the years since the recession, there appears to be some differences nonetheless. Where we have noticed considerable increase in the number of Residential Conveyancing instructions coming into our Market Harborough office over the last 6 months, the Towcester market on the other has witnessed steady and consistent growth for at least the last 12 months.
Even with our observation of the trend in the property market within these two not-too-far-apart towns, it may be somewhat inaccurate to conclude that one is thriving or is stronger than the other. Such is the inherent nature of the housing market that there are always prominent and additional factors which dictate the trend.
While some of our clients who are already homeowners may be looking to take a step up the property ladder to accommodate their growing families, others may be more concerned with downsizing as the children fly the nest. For first time buyers, it is more often the case that the priority is on firmly planting a foot on that first rung of the property ladder.
Government initiatives and accompanying changes can also dictate the trend in the property market in different parts of the country. For instance, the Help to Buy scheme has been rather beneficial to some of our clients, particularly in the New Build market and for First Time Buyers. Other changes on the horizon, such as changes to Stamp Duty Land Tax arrangements for the Buy to Let market may also have an effect on the market. From 1st April 2016, a 3% SDLT surcharge will be added to any purchase of a “Second Home” (which will also include all Buy to Let properties) with a purchase price over £40,000.
All of these factors affect the market and determine for instance, when we see a sudden ‘spike’ in the purchase of Buy to Let properties before the new tax kicks in at the start of April, if the trend changes after April and the effect on house prices. The housing market is therefore constantly evolving around these changes and salient factors, rendering it practically impossible for property analysts and conveyancers to give the same meaning to the market conditions.
At Arnold Thomson, we have a team of dedicated professionals with a wealth of experience who will skilfully guide you through the entire process and make your property transaction run as smoothly as possible and you won’t even have to analyse the market!
This article is written by Jayne Henderson. Jayne can be contacted for any Residential Property related inquiry in both our Towcester and Market Harborough offices.