Richard Blake Header
As we head towards Christmas, figures nationally show that there has never been so few properties for sale in this country. Representatives of the property industry are in consultation with the new Chancellor’s office to try and come up with a scheme that would make it more attractive for people to move.
The number of sales being achieved year on year has fallen in some areas quite dramatically, firstly due to economic uncertainty around the world and secondly, the decimation of the buy to let market as potential private landlords face an extra 3% stamp duty charge on purchases of a second home and the impending removal of tax relief on the cost of mortgages on such properties.
London, for example, has seen a massive drop, in excess of 50% year on year on the number of sales being achieved. The previous Chancellor’s excuse for the changes in stamp duty and tax relief was that it would give first time buyers a chance to get onto the market. My opinion is that it was a fund raising exercise that again has gone badly wrong. Instead of increasing the income from stamp duty substantially, it has had the opposite effect as the number of completed transactions has fallen so dramatically in certain areas
Of particular note is that the number of first time buyers has actually fallen over the last three months to very low levels. The new Chancellor’s Autumn statement will make interesting viewing especially for the property industry.
Dartmouth has had an interesting few weeks as well with new instruction levels being very low and a certain nervousness from buyers due to the economic uncertainty and increase in taxes. My prediction is that we may see a quieter period in the run up to Christmas but that the New Year will see renewed activity in the market as we all take stock of the economic situation and as the Brexit process potentially begins as well as trade negotiations with the new US administration! Good local property correctly priced is still achieving high levels of interest and actually this is a perfect time if you are thinking of selling. Marketing your property when there is such a shortage of available properties could be a wise move whilst there are still buyers out there.
This will be the last edition of By The Dart before Christmas so may I take this opportunity to wish everybody in town and surrounding villages, a very Happy Festive Season and a Prosperous New Year.
Fist published By The Dart magazine December 2016 issue
