In the last quarter of 2015 we saw a hive activity within the property market after the government’s announcement to increase Stamp Duty. As buyers and, in particular, buy-to-let investors rushed to save themselves thousands of pounds prior to the deadline on the 31st March 2016; the number of sales increased year on year. Following the cut-off date, the market slowed as investors came to terms with the additional levy enforced up on them.
Then came the Brexit vote, this impacted the market again as the financial investors were uncertain over what would happen, the result has of course delivered a number of consequences and in some cases has been the catalyst for some positive changes too.
Since the 24th June we have seen the financial markets rise and fall, watched the GB pound lose its clout against the other global powers and waited to see what happened to our local property markets. The decline in the pound has however has resulted in an increase in the number of foreign investors taking advantage of the exchange rate and purchasing UK property. This has given rise to reports of an increase by 30% on buy-to-let mortgages since May, it appears as though the market has recovered from the lull at the beginning of the year.
Belgarum Estate Agent’s Managing Director, John Leeson reported “We saw very little flux following the Brexit vote” he went on to say “Winchester is a strong market and there will always be demand here for property”. Never the less with the increase in foreign investors the market in Winchester will also look to benefit from the increase in buyers; from both vendors selling and tenants looking to rent.
So, good news again as the property market shows signs of recovery, with an influx of foreign investors and UK buyers accepting the difference in Stamp Duty our market looks set to increase for the final quarter of the year and well into the New Year.
Should you like to request a property valuation or discuss your property needs then please contact a member of Belgarum on 01962 844460 and we would be happy to help. Visit our website for more information or pop in and see us on the High Street.