Historically the market is very quiet in the run up to an election and this is followed by a flurry of activity in the three months after the election has taken place, whatever the result. Therefore, the first four months of 2015 is likely to be a buyers’ market with prices beginning to increase once the election is over.
For those looking for a deal, January and February are the time to look. Owners of properties which have been on the market over the winter and have not sold may be inclined to accept low offers on their properties to enable them to move on. The change in Stamp Duty levies brought in by the Government at the beginning of December will, of course, help purchasers of all houses that fall into the lower and mid ranges in West Wales. In Carmarthenshire, for example, £500,000 will buy you a 4 bedroom 17th century manor house with fishing rights on the river Towy, famous for its salmon and sewin fishing.
The threat of a Mansion Tax on properties over £2 million, however, may sway the upper end of the market in areas like West Wales where you can purchase a huge amount of property under the tax band.
At West Wales Property Finders we have seen a noticeable increase in enquiries from people wishing to downsize in London and the South East to minimise their liabilities should a mansion tax be introduced. They are looking instead to purchase large country houses here where, for example, a 7 bedroom Regency mansion set in 59 acres of gardens, paddocks and woodland with a self contained cottage, stables and coach house is on the market for £1,600,000.
Interest rates may increase during the year, although these have been threatened for some time without being implemented. The Bank of England says rate rises, when they eventually arrive, will be small and gradual.
One notable event occurring at the end of January 2015 is the introduction of a new on-line site for agents to advertise properties for sale. Around 4,000 of Britain’s 25,000 estate agency branches are to stop advertising on either Rightmove or Zoopla and instead use a new site “On the Market”.
If you are interested in moving to Pembrokeshire, Carmarthenshire, Ceredigion or The Gower, or purchasing property here, we at West Wales Property Finders would be delighted to help you. Please contact us on 01834 862816 / 077966 15332, email us on firstname.lastname@example.org. For more information please check out our website www.westwalespropertyfinders.co.uk.