Time for our monthly round-up of how the industry is shaping up as we move towards the quieter winter months. Let’s take a look at the health of the housing market, with input from our two in-house experts.
The market has experienced the same conditions as in previous months, with availability of properties continuing to nose-dive. Over the last month, the total stock of property for sale fell yet again. The amount of available properties for sale has fallen steadily since the 2007 crisis and there are now 45% fewer properties for sale than there were in November 2007. The result of this fall in stock, is a 7.3% rise in house prices in England and Wales. This is indeed a great time to sell your home if you are looking to move abroad or even to another part of London or the UK. You are guaranteed to make a profit and receive a great price for your home.
Interestingly, the East of England saw it’s home prices rise as fast as the rates in London over the last six months. Although property supplies have dwindled all over England and Wales, London and the South East has seen the steepest decline. A drop in availability has also occurred in Yorkshire and the North East most significantly.
Our Sales manager Nadeem Maqsood had this to say about the current climate:
“The council of mortgage lenders (CML) this week has released reports which indicate the strongest mortgage lending since 2008. Coupled with the news from the chancellor George Osbourne that there is unlikely to be an interest rate rise until 2017, this is further indication that there will be no let up in the current upward spiral of the property market. Overall mortgage lending in October rose to 21.8 Billion, up nearly 20% on a year on year analysis. As vendors continue to rub their hands, first time buyer’s continue to struggle to get onto that infamous property ladder.
Another key driver for this, is the distinct shortage of stock, as is the lack of new homes being built. The Buy to Let market has not helped either with figures release by CML indicating a 40% rise in Buy to Let mortgages taken out over last year. One lender has even gone as far as opening up mortgages to 70 year olds, in light of the recent pension shake up.”
UK rents increased by 0.7% month on month in October to £1,294.
The state of the rental market remains competitive, due to a lack of available properties and rents remaining high as a consequence. However, with the removal of tax breaks for landlords, things are are very much up in the air.
According to surveys the latest tax changes, announced as part of the Summer Budget, are causing some headaches for buy to let investors. Currently, 9% of landlords think it’s a good time to sell up, due to the tax reforms. The demand for rented accommodation remains strong however.
Average rental value here in Walthamstow, is roughly £323 per week. Properties can range from £300- £346 per week. Popular properties for rent in the area tend to be either one or two bed, but enquiries continue to flood in whenever new stock become available.
According to Lettings manager Aaliyah Joumana:
“After months of steep increases in rental rates, there is now stability in the market. Rents in our locality, Walthamstow and Leyton, have stabilised. Demand continues to remain strong as ever and it’s currently a great time to let your home. It’s worth noting, that demand may subside as we near Christmas so there are probably four weeks to get your home let this side of 2016.”
Waltham Estates is a local, family owned estate agents, in the heart of Walthamstow. It takes pride in the fact its local knowledge is second to none and works to ensure the values of the local community are represented in everything they do. Call us today for a free appraisal of your home, call 020 8509 0444, or email firstname.lastname@example.org