A busy start

The beginning of 2016 saw a flurry of activity in the property market, as buy to let landlords and holiday homebuyers rushed to complete purchases prior to the introduction of the three per cent Stamp Duty surcharge on second homes introduced on April 1.

All eyes then turned to the European Union referendum in June, with some homebuyers opting to hang on until the outcome of the vote was known before buying, whilst those selling tried to get deals sealed in advance of the result.

The calm after the storm?

A few months on from the vote, and the impact of Brexit on the property market has so far not been as dramatic as some anticipated, although of course Article 50, the formal mechanism for leaving the EU, has yet to be triggered.

Price rises have slowed since the vote, but there are still signs of growth across the UK. According to Nationwide Building Society's latest house price index, prices crept up by 0.1 per cent in November, bringing the average property value across the UK to £204,947. The building society said that the limited number of homes available and low interest rates should keep values rising in months to come.

Moving into 2017

Rightmove, probably the best source of market activity data, produce regular monthly reports which show a monthly increase in the price of property coming to market in January at 0.4 per cent (+£1,086). Property prices in Cirencester continue to outperform most of Gloucestershire. With demand remaining strong this year looks set to be another good year for those considering a move. The number of buyers registering, across our 21-branch network, since the start of the year is up 12 per cent on the same period last year.

Window of opportunity

In January we have been talking to a large number of sellers considering a move this year, some of which have taken the step to place their property on the market now and not to wait for the spring. While demand is high and the available of new instructions remains low these sellers are seeing multiple viewings taking place each week with motivated buyers keen to proceed. We have agreed sales on several homes in Cirencester within days of coming to the market at strong prices.

We are happy to offer free, no obligation advice if you would like to consider your options for 2017.