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Market Review For 2016

  10 Dec 2016

2016 will be a year that is looked back on with many extreme views. The death of so many popular musicians and celebrities means that the year will forever be tinged with sadness for many people and in the UK, the EU Referendum has had an almighty impact that may affect people in the country for many years to come.

Even without this, the property market in the UK has had a tumultuous year with many different issues leaving their mark on the market.

Introduction of additional stamp duty for people who already owned property

The introduction of an additional 3% stamp duty for people who already owned property came into effect from April of 2016. This change had a big impact on the property market, both before it came into effect and then after when its impact was being fully felt on the market.

Before the change came, there was an incentive for landlords and property investors to conclude deals before April. Anyone who was thinking about buying more property knew that they could save money by buying before the change came into force, so the demand for property in the opening quarter of 2016 was evident. The sellers knew this as well and there was a notable rise in property sales in January, February and March of 2016 as buyers swooped in at a more affordable rate.

This was going to lead to a fall in property sales in April onwards. This is because some investors would have been put off of buying property thanks to the additional 3% stamp duty charges and there would have been investors who had already bought all of the properties they were hoping to buy. Over the course of the year, the increase and then decrease in sales for a given month because of the additional stamp duty probably balanced out but it frontloaded deals for the year.

Uncertainty in the lead-up to the EU Referendum

Of course, while the property market was dealing with a dip due to the additional stamp duty, there was the uncertainty that faced the UK in the run-up to the EU Referendum. There is enough evidence in the property market in the lead-up to significate votes and elections to know that many people will not buy at this time.

When there is uncertainty over what the future holds, you can see why people don’t want to commit to a major investment, and this meant demand for property stalled in the second quarter of the year.

The Brexit fallout and the falling £

With Britain voting to leave the European Union, the market responded badly. Brexit still hasn’t been put into place and it seems as though there will be another Scottish Independence campaign, which creates further uncertainty in the market, so there is still a high level of uncertainty about what will happen. This means many people are still holding off from investing in the property market.

There have been some changes though and the falling rate of sterling has left its mark on the property market. Property developers who export materials from overseas are now paying a higher price for goods and materials, which may cause some projects to be halted or revised.

While all of these issues seem to slow down or decrease demand in the property market, there has been one issue that has led to a rise in demand for UK property. As foreign investors now get more for their money when they deal in sterling, there is a higher level of demand for UK property from foreign investors. This has managed to offset a fall in demand for property.

Announcement that the Help To Buy Mortgage Scheme will end

In September of 2016, it was announced that the Help To Buy Mortgage Scheme will stop at the end of 2016. This scheme has enabled lenders to provide loans to people with just a 5% deposit. This scheme has been supported by the Government but there has been a gradual decline in the use of the scheme. This is partly down to the fact that there are a number of lenders who provide this style of mortgage without the need for Governmental intervention.

Even with a few months left to play out, 2016 will be remembered as one of the most eventful years in British history and the property market has borne the brunt of these issues on a few occasions.

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  • " Rated high with very good reason. Great customer service, pricing thoroughly researched for both buyer and same, no hard sale, professionalism from all members of staff exceptionally high, as was the photographer who took photographs of my property. I felt I could trust them, Victoria listened to personal concerns and was able to assuage fears drawing on years of personal experience. Quick to respond to queries on different communication platforms. They are a team to be strongly recommended. Sales team are extremely respectful, and were keen to find out as much about my property as they could. "

    Anne, Hampton October 2019
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    Anonymous September 2019
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    Astan August 2019
  • " Everybody at Jezzards Estate Agents, Surbiton was very patient and sympathetic to our needs as non-residents looking to buy in a completely new area. We were provided with maps and advised on the layout of the town and nearby areas. We would particularly like to thank Gaj Murali for showing us round various properties in the pouring rain and taking a personal interest in helping us find the right property. Thank you Gaj. "

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