06 Jan What can we expect in 2016?
Independent estate agent Philip Booth from Henley firm Philip Booth Esq was asked what we should expect from the local property market in 2016. He said ‘I think the housing market in general in 2016 will be more steady, with the number of transactions increasing against 2015 figures. Family homes between £500,000 and £1m, in Henley itself, will continue to receive strong demand from local up sizers and the large number of London buyers who move to the town. At the higher end of the market I believe there will be increased activity as buyers get used to budgeting for the higher stamp duty levels introduced a year ago’.
He added ‘I think the first quarter of 2016 will be interesting at the lower end of the market and I predict a spike in house prices as investors rush to beat the stamp duty increase for second home buyers which comes in to force in April. I think the second quarter could see the sale of houses under £500,000 slow down, which could benefit first time buyers, who have found themselves competing with investors over the past few years.
‘As we draw nearer to the completion of Crossrail, which will bring direct trains from the City to Reading, the demand for homes in Berkshire and South Oxfordshire will increase as those City workers who would have traditionally looked at Kent, Essex and Hertfordshire will now start to look at settling in our region, being attracted by good schools and outstanding surrounding countryside’.
‘I think 2015 has been a challenging year for many estate agents, particularly those that rely on volume sales, as the numbers just haven’t been there. I am fortunate that as a small independent estate agent, I don’t have the pressure that some of my peers with high overheads are experiencing.
The reduction in the number of homes coming to the market in Henley has also had a knock on effect with asking prices which have continued to go up. With a plethora of estate agents in the town all vying for instructions in a market that has seen lower stock levels, naturally some agents have bought stock by giving high values. This has led to some properties sitting on the market for many months or being reduced by tens of thousands of pounds to meet the demands of financially savvy house buyers, who are aware of the high associated costs of buying a new home, particularly those who believe interest rates could rise in the near future’.
If you are thinking of moving in 2016 please contact Philip Booth Esq to register your requirements or to book a Market Appraisal.
Call 01491 63 53 43 or 07795 42 22 84