Monthly Archives: March 2015

First Quarter Review

raf-small-bwAs we draw a close to the first quarter of the year, it is fair to say the market locally has been very buoyant since the start of the year.

The changes to Stamp Duty in December 2014, have encouraged more buyers than normal into the market. The huge demand for property has then fuelled house prices, so although buyers are now paying less Stamp Duty, they are now paying more for the house.

Overall there are fewer properties available and this has meant buyers have to be more instinctive and make a decision quickly to avoid losing out. However, there are still some properties that are not selling, which in the majority of cases is down to the asking price not being attractive.

As we look forward, we question whether access to pension money from April will attract more Buy To Let buyers to the market, putting more upward pressure on prices.

With the General Election looming it is difficult to gauge if people will hold back and wait, as some have done in the run up to previous elections. It is unlikely any change of Government will have any significate impact on the market in the short term.

As far as Richard James is concerned, we have been more than happy with our performance in this first quarter. According to Rightmove data, our Wellingborough office has agreed 49 sales with our closest competitor agreeing 31 sales and our Irthlingborough office has agreed 33 sales with the nearest competitor agreeing 6 sales.

We personally feel the next quarter may be more challenging, as buyers start to question house prices and affordability becomes an issue.

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