New Year, New Housing Market
As we all start to get back into a routine and the New Year Resolutions still fresh with Veganuary, Dry January and a commitment to eat better and exercise more as well as be kinder, happier, more positive, the news is full of house price predictions (as well as Meghan and Harry!).
Halifax have released their latest House Price Index showing that annual growth has slowed to 2% from 4.6% in November. With all the uncertainties of cost of living increases and higher mortgage costs this will mean a slow down with less properties on the market and fewer buyers as lots of people put their plans on hold for the foreseeable future whilst they wait and see what happens within the economy.
This means more people are looking to rent so demand for rental properties will increase but be prepared for rental costs to increase as well as the mortgage costs hit the landlords. It will mean that high quality letting agents who source the best tenants and then look after them well means so much less risk for the landlords who are already being battered from all the new legislation and tax changes. Bywater Herring are professional letting agent registered with the Association of Residential Letting Agents (ARLA) and offer an inrivalled service.
If you are concerned about house prices dropping, the good news is that house prices are still increasing but just at a slower rate and Eastern England, West Midlands and Wales have seen the least drop off in growth rates so property investment still remains a great strategy.
