In our January 2016 Newsletter and Press Release, Mark Willson, Director of H Tiddy, predicted: “as a consequence of the stamp duty increase in April, there will be higher activity levels in the first quarter of 2016 since some landlords / second home buyers will look to bring forward purchases to complete the conveyance on or before 31st March 2016 to avoid the 3% hike”.
H Tiddy are delighted to report that the first quarter of 2016 was very boyant. It culminated in a record breaking month in March, where the company sold circa £11.5 million pounds worth of properties.
The Nationwide Building Society reported on 1st April that the price of a UK home rose by 0.8 per cent in March. For only the 4th time in 5 years, Central London was the 2nd fastest growing region with annual prices rising 11.5 %. The outer metropolitan area rose to 1st place, growing at 12.2 %. The South West Region was in 4th place and grew by 5.8% with an average house price of £221,703.
Robert Gardner, Nationwide's chief economist, said: “It is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand and balance tilted in favour of sellers and maintain pressure on price growth in the quarters ahead.”
According to the Royal Institute of Chartered Surveyors, the stock of properties on estate agents’ books remains at all time lows. In 1990, average stocks were at all time highs of circa 180 properties. Current national average for sale stocks are around 45 properties per agent.
At H Tiddy, we feel that the Cornish housing market will remain active, even with an anticipated quieter period either side of the European Referendum on 23rd June. Average house prices will still increase, mainly due to the lack of supply of properties coming on the market. We are very keen to talk to anyone who is considering selling.