Local Property Market Review 2016 & Predictions For 2017

The property market in 2016

The UK property market has been through several significant changes this year, reflecting the major economic changes that have occurred.

The start of 2016 saw a number of challenges in the UK property market, the introduction of the second property Stamp Duty was introduced on the 1st April meaning that any buyer with their name on a set of property deeds Sole or Joint becomes liable for an additional 3% on top of standard Stamp Duty. As a result we experienced a surge in buy to let purchasing prior to the changes, with a rush to ensure transactions were completed before the 1st April. Following this, buying activity noticeably slowed and in particular buy-to let sales were affected.

We were then hit with “Brexit” and during the six weeks leading up to the final result we saw a reduction in buyer activity with many people waiting until the result was announced to see what impact this would have on the UK’s financial markets. The after effect of the Brexit vote meant almost a month of exercising caution, after which time a return to normality saw the property market beginning to show improvement.

Quarter 4 of 2016 brought a return of investment buyers to the market and November was a record month for our company in terms of sales and instructions for new properties.

Since launching the business in February this year we have miraculously weathered two major changes in the political and financial world and have found that there is a place for a forward thinking approach to estate agency. Our firm has already started to build a reputation for being a trusted, friendly local estate agent.

We value our local community and have been proactively sponsoring our local charities and schools including the RNLI, Swiss Cottage School, Buckingham Primary School and Holmbush Primary to name just a few. We are avid football fans and are proud to have sponsored the Lancing Under 7’s team and have provided corporate sponsorship to Shoreham FC.

It’s been an amazing first year for Middleton Estates with February 2016 seeing the launch of our business which has received an overwhelming amount of support from friends family and local residents, many of whom have now also become valued clients.

Predictions for 2017

I am extremely optimistic about 2017, especially the start of the New Year, with interest rates on borrowing at an all time low and an apparent hunger to buy from both first time buyers and investors at the bottom of the market, we expect 2017 to provide a surge of new stock and new buyers.

In terms of the business we are further developing our services and marketing for our clients, providing bespoke brochures available for all sellers, piloting our state of the art auction proposition and launching our new and improved branded website with updated user features.

If you are thinking about buying, selling or renting a property, then please get in touch today to speak to one of our property professionals. We can arrange a free no obligation valuation of your property and give you expert advice on the local property market.

I hope you have enjoyed reading and look forward to helping you move home in 2017.

Tom Middleton, Director

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