As the winds of change blow through Whitehall should we expect some turbulence in the property market? Its speculated by many that the impending changes to capital gains tax will provoke a flood of buy-to-let and second homes to the market, we’re not so sure this will happen. Buy-to-let properties have become a crucial component to thousands of people as part of their pension plans, short term selling doesn’t connect with what is generally a long term consideration. We expect that any landlords who seek to ‘dump’ any properties will only let go of the weaker elements of their portfolio.
The long overdue abolition of the Home Information Pack has already encourage more sellers to the market and will allow those seeking to ‘test’ the market the opportunity to do so without investing £300 to £400 in a document which ultimately failed to add value to the house buying process.
So what lies in store for the second half of 2010? We’ve achieved some outstanding sales and lettings our clients so far this year, especially at the top end of the market with international buyers continuing to take advantage of the weak pound. Prime property has, on the most part, recovered to the peak levels of the autumn 2007 and prices seem set to hold firm.
Director – Head of Sales, Mountgrange Heritage
Posted: 1 August 2010