Rightmove recently published that “1.5 million new sales listings were added to their site in 2016. That represented a 3.3% increase versus 2015 fuelled by a rush on buy to let properties before the stamp duty changes in April.
Following the change in stamp duty for investors the government were keen to get first time buyers onto the housing ladder. The Help to Buy scheme has aided mortgage approvals to rise by 6% between 2015 and 2016.
If we look closer to our region, recently published figures show that Leicestershire alone has a 6.5% increase in price for Frist time buyer properties. As well as a 6% increase for second stepper properties.
The Daily Mail have narrowed this down further with an article published recently stating that house prices in Hinckley and Bosworth alone have rose a whopping 14.7% in the last year! Making us the second most increased Local Authority Area, second only to The Cotswolds! The average selling price of a property in this area is now £212,285 compared to the 2015/2016 statistics, where it was £192,229.
Our sales negotiator Lois commented on the results she has seen in the office this year:
“The market has been really good this year, we have seen a massive increase in the amount of offers coming in as well as sales agreed. The statistics are right in that there has been an increase in first times buyers. I would definitely agree that house prices have risen dramatically in this area. I have noticed in particular 3 bedroom Semis seem to be going for a lot more than they did last year. I put this down to the fact demand is really high.”
Lois also noted “there has also been an increase in people moving into the area from surrounding counties and a lot of the investors now seem to become from in and around London”.
There have been a number of events over the past year or so which have threatened to have a negative impact on the property industry, particularly Brexit and the general election. It is extremely positive to see that prices in our area have continued to increase along with the high demand.
Are you thinking about selling your property? Or perhaps renting out your property?