Sell now or wait?

The National Association of Estate Agents (NAEA) and Association of Residential Letting Agents recently forecasted that the average house price of a UK home will rise by a whopping 50% in the next decade.

Related topics:  Property
Warren Lewis
29th December 2015
property risk

And stamp duty for those looking to purchase a buy-to-let property or a second home is set to increase significantly in April 2016 - the change in rates means that, for example, someone buying a £275,000 property would currently pay £3,750 but from April that will rise to £12,000 – so vendors and buyers could benefit massively from acting swiftly.

Su Snaith, Head of Estate Agency at The Nottingham, says: "For weeks we've been talking up the fact that Christmas, contrary to popular belief, is actually a very good time of year to get properties on the market and for those looking to purchase to visit one of our branches or our website, particularly those looking to move early in 2016.

The latest forecasts and the stamp duty changes that are just around the corner mean it could be even more crucial to get involved in the property market as soon as possible.

Some might think that holding on to their home as house prices rise is a good idea but it may be that the increases minimise, or even prevent, bids on the property and alienate some potential buyers and it of course also makes the next move harder as the home they are looking to move on to will be more expensive too.

Our offices have been extremely busy in November and December with savvy families and investors looking to snap up properties before the stamp duty increases kick in. In theory that means homes are easier to sell, and for closer to the asking price, but it's imperative to act now in order for the sales process to be complete before April."

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