Ian Preston's Market Update: Why NOW is the best time to sell your home
Ian Preston’s Property Market Update - March 2017
A lot of people assume that the residential sales market is much larger than the rental market. It’s not, at the moment there are 10,000 properties available to rent and just 7,000 to buy within the areas Preston Baker services throughout Yorkshire.
What does that mean? Well, the big opportunity at the moment is for sellers. With only 7,000 properties available to buy - that’s down 20% on October 2016 - it is clearly a huge opportunity for sellers because buyers have a restricted choice. I don’t think there’s ever been a better time to take advantage of Preston Baker's Property Launch strategy.
In most of the areas our local teams cover, our market share has nearly doubled in the previous year. That’s because more sellers are choosing our unique method of marketing properties. We’ve sampled the effects of standard marketing against our 'Property Launch' marketing on 1,500 properties since 2014 and found conclusive results in every office we trade in - we sell 46 days quicker and for 2.8% launch with the Launch.
This equates to the average customer earning £5,000 more on their sale price, a very efficient way of selling your property. So, if you are thinking about selling, don’t wait for the spring. There’s really tight supply of housing stock at the moment and you will get more attention of the marketplace by acting now.
Effects of Inflation on Interest Rates in 2017
Inflation is starting to pick up, and a lot of that is from what economists would refer to as imported inflation. Effectively, because the currency has devalued, the cost of the stuff we buy from other countries has gone up. This means that the Bank of England will come under pressure as the year goes on to start thinking about raising interest rates.
Currently, the cost of a two-year fixed rate mortgage - if you’re lucky enough to have a 25% deposit, can be as low as 1.5% and the cost of a five-year fixed rate can be less than 2.5%. So money is historically cheap right now. If you’re thinking about buying it’s a great time to fix, if you’re thinking about staying put and remortgaging, it’s a fantastic time to do it.
My advice would be not to speak to the bank because they can only speak about there own products, but instead talk to one of our independent mortgage advisors at Preston Baker. We have access to the whole mortgage market and therefore we can compare to make sure that we find not only the best rate but the lender that will look at your circumstances favourably.
I look forward to updating you in April, hopefully inflation will settle down and the prospect of interest rate rises will diminish but we’ll keep you informed as the year goes on.
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