A Year In Property: What Does 2019 Have In Store?
Berkley Estate & Letting Agents is an independent company that operates throughout Leicestershire dealing with sales, lettings, management, agriculture, commercial, planning consultancy and mortgage advice. First established in 2005, they expanded their business by opening what is now their head office in the West End of Leicester in 2008. After three successful years of trading and a growing number of their clients requesting that they handle country and village properties in South Leicestershire they opened their office in Kibworth Beauchamp.
As 2018 draws to a conclusion, Agency Director Scott Burrows looks back on what has been a challenging year for the housing market.
2018 has seen a shortage of properties coming to the market for sale which has led to an absence of the traditional Spring and Autumn spikes in activity. Many homeowners are choosing to extend their property rather than move and for many investors the low Bank of England base rate means that retaining their investments is the more attractive option than selling.
According to Hometrack figures from October 2018; whilst house prices nationally have risen by 3.2%, six cities have increased by at least 6%, of those six cities the highest price increase has been seen in Leicester with an increase of 7.7%. This is down to a number of factors, one of which is that we are seeing buyers moving out of London and opting to buy in Leicester due to the transports links and their perceived value for money compared to London.
We expect that due to the changes in the tax relief rules for landlords some will look to sell their properties in the coming year, this will mean extra properties entering the sale market that should will attract interest from residential buyers and also fellow investors, many of which may opt to buy via a limited company transaction as it can offer greater tax and financial efficiencies.
The rental market continues to be buoyant as there is also a lack of available properties. Rental prices continued to rise this year, particularly in Leicester city centre, and landlords are encouraged to review the rents they are receiving to ensure they are in line with current market rates.
In summary, we see next year’s market to be broadly similar, what it does means though is that if you want to sell or let out a property you should be in a strong position to do so as investors are still looking to buy, home movers are always there and tenants still have shortage.
Berkley are an independent Estate & Letting Agent with decades of experience managing, advising on and selling properties throughout the County. Their company ethos is to value their customers above all else and provide a personal service you’ll only get from a local, independent business. Couple this with a pro-active approach and customers are left with an experience that is second to none.
To find out more about marketing or managing your property, contact Berkley Estates on 75 Hinckley Road, Leicester, LE3 0TD
T: 0116 2544755,
E: [email protected]
3 Station Street, Kibworth Beauchamp, Leicestershire, LE8 0HN
T: 0116 279 6161
E: [email protected]