Property Market Overview
Can you describe the 2017 property market in just one word?
Giving a realistic property market overview for this year, it would have to be said that the property market could easily be described as dysfunctional. The uncertainty of the Brexit negotiations has created unusual market conditions, and as such has not followed the seasonal trends we would typically expect to see. Where March and September are generally two of our busiest months of a year, this has not been the case, instead, we have seen a very strong August, November, and December for both our sales and lettings teams.
So what been’s happening in the sales market?
The first half of the year saw a steady growth in market conditions and prices, with many properties receiving bids from multiple buyers, pushing the prices up. There was then a plateau in selling prices and reduced viewing activity in the second half of the year, leading to properties having to come to the market at a competitive price in order to find a buyer.
Many factors have affected the sales market such as the Brexit hangover, negative media on market predictions and the base interest rate increase of 0.25%, however, the recent budget easement on stamp duty for first-time buyers has had an instant impact with all properties under £300,000 receiving increased interest. This impact will move up the market to the mid and top-end allowing more free-flowing market conditions in 2018.
How has the local Rental market performed?
Throughout 2017 we have seen a more typical seasonal rental market, with a very busy and positive summer achieving record breaking rents on many properties. Shoreham-by-Sea and the nearby surrounding areas are still blossoming in the rental sector due to increased employment and lower rental costs compared to the Brighton and Hove area. Shoreham’s commuter demographic is continuing to grow and there is a definite increase in buy- to-let property sales in the area as landlords are realising the popularity of Shoreham, and the potential to get more for their money here. Shoreham town is expanding with new housing developments in progress, major retail stores opening and a vibrant social community developing so it’s easy to see why more and more young professionals and families are looking to rent a property here.
What can we expect from the property market for 2018?
We are very excited and optimistic about 2018. The Coastal towns of Sussex most noticeably Brighton and Hove, Shoreham-by-Sea and Lancing are still extremely popular with both buyers and tenants. There is a buzz in the office this December, as the team are busy helping new vendors to get their properties market ready, live on our property search and marketed on our property portals Rightmove and Zoopla as well as via social media and local publications, so it’s all systems go at a time when people often expect us to be at our quietest. Also, many homeowners don’t realise that statistically, Boxing Day generates the highest level of search in the property sector, so December is actually an optimal time to have your property on the market. We have a fantastic number of buyers in the local area, and we are going out and about to leaflet drop their desired locations as well as advertising online for new homes.
Contrary to popular belief, December is also a good time for landlords and tenants, the lettings sector is seeing a spike in new enquiries. We are actively contacting landlords to inform them that we have tenants who have been vetted and are ready to move.
We have enjoyed great success in both sales and lettings in 2017 where the Middleton Estates brand has grown, leading to the increased size of our team and the pending launch of our Hove branch.
If you are looking to buy, sell or let a property we offer a FREE valuation so please get in touch with our sales team to book an appointment. If you are looking to rent a property, our lettings experts would love to talk to you about your requirements and you can register your details here.
Wishing you all a very Merry Christmas and we look forward to helping you with your property move in 2018!
Tom Middleton and the team at Middleton Estates
Tel: 01273 454878