NEWS and views from Henley’s estate agents and property experts
NEWS and views from Henley’s estate agents and property experts. This issue, Tim Sherston, director of Jackson-Stops and Staff in Goring, talks about the mid-market sector.
Spring has come early to the property market for houses under Â£1million, in contrast to high-end properties where a pre-election chill prevails.
Movement has increased in the low- to mid-level of the market as buyer confidence returns, owing to low interest rates, favourable long-term mortgage deals, stamp duty reform and positive employment growth.
In contrast, sales of properties over Â£1.5m remain slow, with the more nervous sellers choosing to sit tight until after the election next month.
The positive effects from the stamp duty reform last year are now starting to be felt, with activity levels increasing for properties priced below the Â£937,500 mark.
Coupled with low interest rates, improving regional economic recovery and investment in infrastructure, it appears that spring has come early for this section of the market.
At the top end of the spectrum, owners of homes priced at Â£1.5m and above are treading carefully, as fear of increasing property taxation, regardless of the political colour of the next government, continues to dominate.
Transaction levels have slowed in London, with a distinct lack of stock in certain prime areas such as Mayfair. International buyers who have purchased property in the capital are holding on to their investments.
Transaction levels so far this year have been reassuring, and the percentage of London-based buyers on our Jackson-Stops mailing list has also risen significantly, due to the current wide margin between London and country prices â?? which is likely to decrease as country prices eventually catch up.
Crossrail is already a key point of discussion in and around Reading, with many predicting that we are due a price lift, although this is yet to be felt.
The market for properties priced at Â£1.5m-plus will remain on a pre-election hold, with buyers and sellers waiting to see the outcome before committing to a move.