Starting with the bigger
picture, over the last 12 months in the UK, 1,061,557 properties were sold with
a total value of £223.74 bn. To give that some context, ten years ago 1,581,727
properties sold with a total value of £405.56bn, so it can be seen the number
of people moving house has dropped by over a third over the last decade.
Whether you are a
landlord, homeowner or tenant, it’s always important to keep an eye on the Wellingborough
property market, not just from your point of view, but also from every player’s
point of view. Over the last 12 months, 1,214 properties have sold (and
completed) in Wellingborough, worth £227.1m. Interestingly the number of
properties changing hands in Wellingborough has also dropped when compared to a
decade ago.
It might surprise you that
first time buyers in 2017 will benefit from a slight decline in Wellingborough
buy-to-let investors.
Those looking to buy a
home in the spring and summer of 2017 will face a far less competitive Wellingborough
property market than the same time of year in 2016, when the urgency to beat
the buy-to-let stamp duty hike was in full swing.
Many landlords brought
forward their purchases to beat the tax, and since then, the number of buy-to-let
purchases has dropped slightly. First time buyers have taken advantage of that
and have increased their buying. In fact, looking at the Bank of England
figures, this is what UK lenders have lent on buy-to-let properties versus
first time buyers over the last 12 months
…
When looking at the
figures for Wellingborough itself, first time buyers have borrowed more than £58.3m
in the last 12 months to buy their first home. This is a ringing endorsement of
their confidence in their jobs and the local Wellingborough economy. Those 20 and
30 something’s who are considering being first time buyers in 2017 will find
that the number of properties on the market has never been as good as it has
for quite a while, meaning you have more choice of properties and less
competition from so many buy-to-let landlords than a year ago.
Rightmove announced
nationally that new seller enquiries are 26% up on the same time last year
giving the stoutest indication that we may see a slight ease in the lack of
properties on the market. When I look at Wellingborough, at this moment in time
there are 138 properties for sale, compared to 105 properties a year ago. All this
will be welcome news amongst Wellingborough first-time buyers with a
combination of a proportional reduction in new investors and landlords.
2017 will be an
interesting year for all homeowners, be they buy-to-let landlords, existing
homeowners or future homeowners.
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