“At Isabelle Estates we continuously monitor the housing market in order to keep abreast of developments within the property industry so that we are able to properly advise our clients."
Market OverviewThe residential property market has experienced its fair share of turbulence over the years.
Since the economic downturn of 2008, lenders had tightened their criteria and withdrew 100%+ mortgage products. In April 2014, the biggest piece of mortgage regulation in a decade came into effect in an attempt to avoid irresponsible lending, such as self-certified mortgages with little collateral. More recently (1st April 2016) we have also seen Stamp Duty Land Tax changes implemented by the government which has affected those wishing to invest in buying secondary homes with the idea of discouraging buy to let landlords thus leaving more available stock for owner occupiers. The impact of this was quite sudden; there has been a significant reduction in purchases made for investment purposes.
Following the referendum vote that took place 23rd June 2016, the local property market feels as though it has changed from what was quite a frenetic market pre-Brexit, to a calmer and more steady pace. Despite these uncertain times, we are continuing with our plans to grow as a business and are taking the opportunity to streamline some of our processes in the meantime.
At Isabelle Estates we continuously monitor the housing market in order to keep abreast of developments within the property industry so that we are able to properly advise our clients.
The fact remains there will always be a housing need and natural market forces will dictate house prices, although there does continue to be an undeniable lack of supply right now.
We have witnessed two solid years of house price growth, and in some popular towns this has been as much 10% year on year.
The ownership of property is, and will always be a long term investment strategy, so ensure that the decisions you make are well informed and are based solely upon your own circumstances.
If you would like to discuss your needs on an individual basis then please feel free to contact us.