Housing Market on FIRE!
Housing market is on FIRE! Sellers know there is a premium on houses, and we have seen many sales fall through because sellers are realising that they can get a higher price and re-advertising for a higher price. The Stamp Duty holiday has not helped the situation, and Rightmove has stated that there are fewer properties going on the market. Lack of supply will keep prices high. The rise in demand from buyers hasn’t been met by a flurry of new properties coming on to the market, and this imbalance could keep prices high in the coming months.
This has meant the pent-up demand for properties is massive. Houses are like hot cakes and are being sold within weeks, even though it is taking around 6 months to complete.
Experts had predicted that house price growth could slow once the government’s coronavirus financial support schemes and the stamp duty cut come to an end, but the schemes’ recent extensions have given pause for thought. House prices could rise by 4% The estate agency Savills now says it believes house prices will rise by 4% in the remainder of the year, just months after predicting that values would remain flat in 2021.
When speaking to professionals recently, there was a general consensus that now is a good time to sell but possibly not a good time to buy. So landlords if you have a property that isn’t showing great yields, sell it now. Sit on the money until things ease within the housing market and then use your funds to secure further properties.
It is a crazy bubble and you know the old saying what goes up must come down. We don’t charge high rents, we think it’s only fair to secure longer-term good tenants to provide them with properties at the market going rate. We know what the going rates are we work with landlords to find a figure that works for all. Talk to us at My Landlord cares www.mylandlordcares.co.uk
