September signals the end of the traditional summer holiday period and, with children returning to school, it is a time when many turn their heads towards moving home.
The property market in West Berkshire and North Hampshire is showing remarkable resilience despite the overall challenging economic conditions. Unemployment levels have fallen slightly and interest rates remain at historic lows and for many, the opportunity to move home has never looked better.
For those with good sized deposits or decent amounts of equity in their present homes, the mortgage market has some excellent deals on offer. For those seeking to invest in a buy to let property or extend the size of an existing portfolio there are again many superbly priced mortgage schemes available.
Naturally the summer period saw a slowdown in the number of new instructions coming to the market and this helped heighten desire and decision making amongst buyers. The balance between supply and demand is likely to shift a little during the autumn months but I expect this to remain fairly finely balanced meaning reasonable choice and steady prices.
The lettings market has continued to grow and demand remains strong. With many young people in particular having to take time to secure sufficient deposits to buy, the private rental sector has provided the opportunity for many to have their own homes, albeit on a rental basis.
Later this year the Government will be launching the “Green Deal” which it is hoped will help property owners improve the energy efficiency of their properties through the provision of funding to enable appropriate upgrades to be made.
These upgrades will be paid for over time via an increase in electricity bills. Properties will qualify for the “Green Deal” if the savings made by any improvements are greater than the cost and payback of doing the work.
This is great news for landlords who can improve the quality of their stock with the cost of the work being paid by the tenant through their electricity bill. The tenant still gains as the increase in electricity bill costs will be less than the benefit of the works carried out. A genuine, win, win situation.
At Sansome & George we expect activity levels to move up a notch in September with many people looking to achieve a successful move by the end of the year. Naturally, we should be delighted to discuss your individual situation with you and help you make the right move!
Yours
David Sansome
Managing Director
