The local housing market has started 2016 in buoyant fashion in line with national trends, with the RICS reporting a net increase in sales instructed for the first time in a year. Some of this may be due to activity of buy to let landlords rushing to beat the Chancellors hike in Stamp Duty as reported earlier in Latest News. However, there is also a clear increase in activity overall, perhaps as a result of improving national economic indicators.
House prices nationally continue to rise; 7.7% for the 12 months to November 2015 and the RICS are predicting a further 5 years of increase at an average of 4.4% per annum. This may change of course if, as some predict, there is a sell off of some buy to lets that may become only marginally profitable in the light of tax and stamp duty changes in the new financial year.
What is certain however is that for at least a year the market has seen the number of registered buyers easily outstripping the number of sellers. With appropriately valued property in such demand and in such short supply this would seem to be an extremely good time for those wishing to sell their house to put their property on the market.