Surelock Network Auctions December Newsletter
Welcome to Surelock Network Auctions’ December Newsletter, our final one of 2016! With so much to prepare and look forward to we’ve been keeping an eye out for any interesting developments in the final weeks of the year. And, we’ve been wading through the many forecasts for 2017 to find any controversial outlooks too. Read on for our views and a few others too!
2016 Highlights and Lowlights!
We know it’s been said a thousand times already this month alone, but: What a Year! There’s no way that when people were considering how they thought 2016 would go that they could have predicted it correctly.
The first quarter of 2016 was punctuated by a surge in property sales by Buy-to-Let (BTL) investors seeking to get a few purchases in ahead of the Stamp Duty Tax changes. Then came the EU referendum. We don’t need to say a lot on this, we already have along with everyone else. But, who knew? Then, it’s hello Mr. Trump, welcome to the Whitehouse. November also saw new Chancellor of the Exchequer Philip Hammond usher in a ban on letting agent’s fees and an additional raft of funding for house building.
Amid all that, 2016 will probably be for ever remembered as the year the public made known their need for change. But, how that will play out is still a big unknown.
In the meantime, we’ll believe those of you who said you anticipated one or even two out of that list. But, those who saw all of them coming? We’re not so sure. Of course, that’s not all that happened, but they’re the biggies that spring to mind when we think of what has affected the UK property auction market in 2016.
Where next for UK Property Prices and Activity
With so much uncertainty unleashed on investor sentiment and economic growth, that’s a tough question to answer. But, there are a few analysist and economists who have tried.
House price forecasts that we’ve seen range from a fall of 2% over the course of 2017 to a 2% increase. For the UK as a whole, that is. London isn’t expected to perform as well, while regional, northern markets could do better.
According to upmarket international property management firm Knight Frank, the average UK house price is expected to rise 1% over the whole of next year. London house prices are forecast to fall by 1% and the Midlands is expected to have the strongest rise in house prices of, wait for it, 1.5%!
Those figures come in low, despite some expectation that house prices will rise at levels similar to the 4-7% seen in recent months. With forecasts for possible house price falls, we’re expecting our property auction rooms to be bursting at the seams with bidders hoping for a bargain. Who, knows, you could grab one for yourself if you come along?
And, considering the low number of new property for sale through estate agencies, auction could offer you more options, too.
Property Investors Look to Leeds
Another interesting detail we’ve recently noticed is an increase in appetite for property in Leeds. Now, we’re not necessarily talking about the everyday residential investment of a single property. But, what has been noted by a number of firms and people in the property investment business, is that overseas investors are looking north and finding Leeds.
It’s not just because property prices are less than a third of those in the capital city of London. The Government’s HS2 project is set to add a high-speed rail link to Leeds by the early 2030s. if that sounds like a long time for now, it’s not too far away for serious property investors.
What that tells us, is that if switched on property investors from overseas see value in the Leeds property market, it’s something that all property investors should consider too. Our Birmingham auction is filled with property from the northern regions, so our next set of lots could include a few gems from the north-west city. Do your research and you’ll see Leeds really does have a lot offer. And that works for people who want to live there and invest there.
2016 was a very interesting year. Why don’t you work to make 2017 your year?
We hope you enjoyed Surelock Network Auctions’ thoughts on the issues discussed in our latest newsletter. If you want to keep up-to-date with Surelock’s auction dates visit our website and to keep abreast of our news and views, take a look at the blog section.
We welcome any comments on the points we have mentioned, or any questions at all, even about a property you are interested in that isn’t listed at one of our auctions. Additionally, if you want to share your own views on another topic, please contact us. You can get in touch by responding to this email, tweeting us @KhalidAuctions or commenting on the blog section of the Surelock Network Auctions website.