- The latest NAEA report suggests that some first-time buyers, particularly in areas outside of London are pushing themselves further in order to maximise the benefit of stamp duty relief. In this way, they suggest, they are skipping the traditional first home and making the jump straight up the ladder to what might previously have been their second purchase, thus also saving on future stamp duty costs.
- While shrewd of first-time buyers, if this becomes more widespread, pressure is likely to intensify on next rung of the ladder making it harder for those true ‘second-steppers’ who wish to move up the ladder out of their first home.
Category Archives: Housing Affordability
House prices can’t predict rugby or can they?! Last year’s first and second placed teams were also top of the leaderboard in terms of annual house price growth.
- The six nations 2018 Championship gets underway at the weekend with England looking to defend their 2017 title.
- Should the same occur this year, based on current rates of annual house price growth, it looks like Ireland will swap places with England as Champions.
- No chance…..
- Historically, experience tells us that the premium paid for new build properties increases in a strong market but narrows again in a slower market as developers reduce prices in order to achieve sales.
- While not directly comparing like for like, it does raise some interesting questions. Few would say that 2017 was a particularly strong year for the market and yet the new build premium continues to rise.
Supply & Demand – Population
Local government forecasts predict a 29% increase in the population of the Witney area over the next 10 years. Coupled with the exceptionally low rate at which we are building new homes and sales volumes (the number of properties sold) dropped by 19% in 2017 (compared with 2016) and the market fundamentals remain out of balance. Read more
On 9th November 2017, four professionals from some of Oxfordshire’s local businesses gathered together to present at the historic Witney Blanket Hall on investing in Oxfordshire property.
If you would like to download the slides from the presentation, you can do so here – http://bit.ly/seminarslides
Ten years on from the housing crash and it’s worth taking stock and looking back. Counter-intuitively, in 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007. Read more
The ONS has just released average house price data per square metre for properties across England. At a regional level, a buyer in London should expect to pay around £6,639 per square metre (£617 per square foot). More locally, we’ve identified the cost in £/ metre and feet – depending on your vintage! Read more