January market shows good signs for the year ahead
After a sluggish end to 2018, and a massive lack of supply, January showed a marked improvement with more people apparently keen to move. New instructions within Robinson Hornsby were more than double those of 2018 and viewings increased by over 35%.
We would generally expect an upturn in the New Year, especially if the weather remains kind, but early activity may suggest that the economic gloom isn’t necessarily reflected in peoples choice to move home. The southern market, especially greater London remains tough, perhaps a hangover from the good days and regular price increases, the current climate may just be a correction of historically over inflated prices, more than issues surrounding Brexit and stamp duty changes.
The lettings market remains buoyant, with most properties under £700 pcm being snapped up within a couple of weeks of marketing. Supply is a big problem, with some landlords choosing to sell, and less landlords making the decision to add to their portfolio. As supply continues to tighten, expect rents to increase as the year progresses.