With leading property website Rightmove reporting the lowest levels of property for sale for some years, you could be forgiven for thinking that the property market was quiet but the reality is somewhat different.
Lower than normal stocks of property for sale is often an indicator of a strong market and one where property does not sit on the shelves for long. That is certainly the case at the current time with anything that is sensibly priced and well marketed.
Of course, the growing regularity of statements from the Bank of England that interest rates are set to rise in the next twelve months is possibly causing some to think about planned moves but many have factored in an increase into their calculations and, with some exceptional fixed rate mortgages currently available, the impact of any rises is likely to be minimal for the majority of home owners and buyers.
According to the Council for Mortgage Lenders, the numbers of arrears and repossession have fallen to their lowest levels since quarterly records began in 2008. This is clearly good news and, despite slight hiccups in the unemployment figures recently, and with inflation remaining low, the general economic outlook is positive.
The lettings market also remains buoyant. There has been little fall out from the Government’s announcement that they will be reducing the amount of tax relief available on buy to let mortgages from 2017 with most landlords taking a long term view. With rising capital values, landlords still see their investments as good news, providing both income and capital growth. Rental values are steady or rising and demand continues to outstrip supply.
The summer weeks are invariably a little distorted in terms of activity with it being the prime holiday period but the signs are that there will be a decent market in both sales and lettings during the autumn months ahead.