Robert Davies, Director of Turners Property, gives his predictions for your local property market in 2015...
With all the news in the media, it is clear that 2014 has been a bumper year for property with prices achieving record levels across the London Property Market, with prices having risen by up to 25%! Pundits then predicting a bumpy ride for 2015 until the new stamp duty threshold saved many people thousands of pounds overnight but what does this mean for the Local, Property Market?
So how will this affect the price of your property?
One & Two bedroom flats in the area should see prices remain stable with first time buyers and investors always looking for the next property hotspot. Where a drop may occur is those properties with short leases and in need of major works as a slower market begins to tilt towards the buyers side giving them more choice.
Family homes especially around good schools will remain popular though again the market has seen a slowing down and some long chains building up which has led to a number of fall-through’s in recent months.
Experienced Agents will help you make the most from your property.
An experienced agent will be able to help prevent this as their local knowledge and expertise will have more leverage over young, career hungry estate agents for whom lack of experience will show in introducing unsuitable buyers to some properties.
The last year has seen properties sell so fast that any agent has been able to cash in the rush. 2015 will see long-established agents come into their own with an insight into the local market being a key factor.
By choosing the right agent (often not the most obvious agent!) means you are more likely in making sure the transaction achieves completion.
This may see the buying process take slightly longer but in doing so is most likely to achieve the best price for all parties.
It is inevitable that prices will slow down in 2015 but we are likely see a sustainable growth of between 3 – 5 %.
Wow Factor Will Matter as Market Matures.
Tricks of the trade in how you present your property will help vendors appeal to a choosier market. Vendors who choose to sell independently may suffer the most as buyers begin to call the shots.
The key to next year’s market will be quality and mediocre housing stock may stick on the market for some time. The Wow factor will be 2015’s property watchword, look out for more emotive property descriptions and a new maturity in the market.