At the close of 2016, it was estimated that as many as 20% of UK property companies faced an uncertain future. Slowing market activity, fuelled by increasing stamp duty cost and the results of the referendum, affected property price growth, with many property companies feeling the effect.
More than 25,000 property companies felt the knock-on effect of market uncertainty, including property managers, lettings agents and residential landlords. This was equivalent to 18% of the property industry - a figure that had risen more than 6% from 2015.
As we enter the second quarter of 2017 have the forecasters that predicted doom and gloom for property companies been proved correct, or has the property industry continued to perform, despite unprecedented political and economic conditions?
Springbok Properties is one of the UKs leading property companies that specialise in selling homes as quickly as possible. With over 8 years continued success and routinely selling more than 230 homes across the UK each month, we have the expertise to help you. To receive a FREE valuation or list your home, call us TODAY on: 0800 068 4015.
As reported by the Royal Institute of Chartered Surveyors (RICS), property companies in the UK did report an overall slowdown in property sales throughout 2015 and 2016, save for a spike in property sales from February to March 2016. This 71% increase was down to stamp duty changes that came into effect in April 2016.
London property companies reported fewer transactions as the property market in our nation's capital experienced a slowdown in property sales. The premium prices of the London property market, combined with an increase in stamp duty, is generally accepted to be the reason for property companies reporting a marked slowdown in property sales after April 2016.
Despite increased stamp duty, the RICS housing forecast for 2017 has predicted a much more stable year for property companies and the market. Homeowners can expect an approximate 3% rise in property prices, in line with recent trends. This will lead to increased house price affordability, benefitting property companies as there will be more buyers able to afford to purchase homes.
Springbok Properties has sold more than 1800 homes in under 10 days. Whether you're about to move abroad or wish to sell a house in probate quickly, we can help you secure that quick, hassle-free sale for up to 99% market value. Call us TODAY on: 0800 068 4015 to find out more.
Traditional high-street estate agents have suffered with a lack of homeowner confidence. This has become apparent in recent years with the increasing number of vendors opting for the services of an online property companies to sell their home.
It's been estimated that as many as 87% of buyers have searched Zoopla, Rightmove, Primelocation to discover the value of their home and comparable prices of properties in their area. Buying a home has evolved beyond traditional high-street marketing.
Online property companies also provide homeowners with greater transparency for their services. Traditional high-street estate agents subtract a percentage of the sale of a house as their fee. This amount (when combined with additional fees, such as conveyancing and EPC certificates) can amount to far greater than the fees of online property companies.
The sale of a home online can be achieved in the fraction of the time a high-street estate agent takes to sell property. In many cases, online property companies can sell homes in a matter of days, not a minimum of 3 months by high-street estate agents. These are but a few of the reasons why homeowners opt for the services of online property companies.
Springbok Properties has sold 77% of all properties listed in under 8 weeks. We also have 1152 positive independent reviews from our customers which makes us one of the most trusted online property companies in the UK. Call us TODAY on: 0800 068 4015 to find out more.
As initially outlined in the Autumn Statement, property companies can expect a clampdown on letting fees. The phasing out of buy-to-let tax relief should also come into effect from April 2017.
House prices are also expected to rise across the UK, albeit at a far steadier rate than in years past. East Anglia, the North West and West Midlands are expected to see greater property price gains than the national average. Property companies and homeowners should also expect to see house prices in Central London stabilise after recent declines, with the weaker exchange rate encouraging more foreign investment.
However, positive trading in the months following the EU referendum suggest that any negative impact felt by the UK property market, resulting from Brexit may still be some way off.
Springbok Properties have sold more than 5,500 homes across the UK. With NO UPFRONT FEES and a no sale, no fee policy, we have earned our reputation as one of the most trusted and transparent property companies in the UK. To find out more, contact us TODAY on: 0800 068 4015.