Tips for buying and selling a house in 2017 – words Alan Woods
It can be daunting to consider joining the housing market in the current economic climate. After an economically erratic 2016, the things to consider when buying and selling a house in 2017 differ slightly than in the previous years – added to the usual concerns for anyone buying or selling a property.
With Brexit negotiations still ongoing and the triggering of Article 50 likely due sometime this year, there is some tumult in the housing market that essentially reflect trends in the general economy.
Some things remain the same – sky-high London prices and a continuing buy-to-rent trend, for example – but what might these changes mean for the average buyer or seller?
Keep an eye on national news
It is worth monitoring the overall state of the housing market, and how national changes to law and practice may affect you in the near future.
The proposed banning of lettings actions fees announced in the Autumn Statement 2016 will affect anyone who is a landlord, tenant or is looking to rent out property in the future. If this goes through in 2017, the fees that a lettings agent typically charges a tenant (e.g. for administration, references, and credit checks) will instead pass on to the landlord.
Other potential changes are less likely to immediately affect the average property owner, but it is worth noting that overall, there is a lack of house building in comparison to the demand, and that this trend is continuing to push up prices. For luxury buyers, costs have been affected by the change in stamp duty rules in 2014 and the April 2014 introduction of a higher rate of duty on second homes.
Understand your local market
Trends in the property market tend to have a wide scope and headlines tend to refer to the national effects of changes. However, the savvy buyer or seller might consider how these may affect their local area.
For example, it may be beneficial for sellers to be aware that RICS (the Royal Institution of Chartered Surveyors) predict that East Anglia, the North West and the West Midlands are all areas whose house price rises are likely to be higher than the national average.
Consider your options carefully
Whether you are buying, selling, have inherited a property, or intend to rent out a property, it is advisable to do your research and ensure you are using the best resources available. Search around for an estate agent that will market and handle the buying or selling or your home effectively. If you have inherited property, it may be worth considering using a company such as Probate Purchasers, specialists in probate inherited property, who will quickly and sympathetically help you to deal with the additional considerations associated with this type of sale.
Bearing in mind that in general, house prices are increasing and mortgage rates are low, it could be a good time to enter the housing market. It is worth keeping an eye on national and local trends when considering selling or buying property in 2017.
Tips for buying and selling a house in 2017 – words Alan Woods
