Since the reforms, buyers in the South West have seen a £131m benefit or £4,800 for the average house. However, supply of property seems to be the issue, with the NAEA reporting that the number of properties available per member branch fell to 33 in January, the lowest recorded since December 2002, when just 25 properties were available per member branch. This information along with reports from the UK's largest property portal Rightmove, that there were 27 million visits in January 2016, up almost 20% compared to January 2015, and surpassing the previous record of 118 million set last August.
What does this all mean? Low supply/high demand would normally indicate a sellers market however with the possibility that 15% of buyers are going to hold off purchasing a property in the short term there may be an element of balance in the housing market.
What we are seeing is a rush from Landlords to get their purchases through to completion before the end of the month to avoid the extra stamp duty. The lettings market is about to get a boost from all this new stock coming to the market and with supply of houses to buy low, the lettings market looks to be very buoyant in the coming months.
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