A state of indifference
has hit the Chelmsford housing market as sellers await the outcome of the
general election and stricter mortgage regulation suppresses buyer demand.
This feeling of apathy
is mirrored around the UK as Rightmove reported the number of homes registered
for sale per estate agent fell to its lowest level for five years in December,
with available stock 10 per cent lower than in the same month a year earlier.
Looking at Chelmsford,
in the June of 2014, Rightmove had 1487 properties listed for sale. Our
research shows that this number plummeted to 1297 properties listed by December
2014 and as we came into January 2015, this figure was marginally less still at
1230 available properties. Whilst the lack of properties coming onto the
market in the later months of 2014 in Chelmsford leveled off the increasing
prices, traditionally a quiet season for the housing market, property sellers
will need to work hard in 2015 to complete a sale.
2015 will be the year of
the selective mover as there is going to be competition with New Build vs
Re-sale. With big name developers building in Chelmsford and a lot of homes due
for release in 2015, buyers will have a choice of a brand new home, with developers
offering special deals to attract them in, or of a pre-owned home with no
special offers. It is more prevalent now to make sure that if you are trying to
sell your home to make sure it is presented to the best of its ability to make
it stand out from the crowd.
That might mean the
Chelmsford landlords may still be able to bag a bargain. Markets and buyers do not like uncertainty,
but savvy buy-to-let landlords know that property investment is a long term
game, and irrespective of short term apathy, a reduction in the quality and
quantity of stock for homeowners to buy or the election, if people don't buy
property, they rent.
In my opinion, the heat
is still on in the Chelmsford property market and I anticipate a moderate
increase in the transaction volumes compared to 2014. This was displayed in
January of this year, where we did almost double the amount of sales compared
to an average month in 2014. We're not hedging our bets at the moment though,
it could have been a one off, but the level of activity in general intimates
that it won't be.
Therefore, if you are
considering buying a property for investment in the near future, I am always
happy to give you my considered opinion on which property to buy (or not as the
case may be) to give you what you want from your investment. My office is
located on Duke Street in Chelmsford, if you fancy popping in