What does 2018 have in store for the residential property market in Cornwall? Alistair Whyte and Jo Morgan, Partners in Coodes Solicitors’ Residential Property team, comment on what has changed in the property world in 2017 and look ahead to the New Year.
The New Year will bring many challenges to us and our partners as we all anticipate and adapt to various changes currently afoot.
This year we saw the first rise in the base rate for ten years. There continue to be diverse regional variations in market activity, with Land Registry data showing that Cornwall experienced a general three per cent price increase from last year. Price growth is predicted to slow to one per cent across the country next year, although the outlook is for a more buoyant market in 2019/2020. However, house prices will be supported by the continued issues with supply into the market and reports show supply fell for 21 consecutive months up to November.
First Time Buyers
The autumn statement brought with it the anticipated incentive for first time buyers, scrapping duty for all first time buyer purchases up to £300,000. While this will undoubtedly assist with the speed buyers can enter the market, it is still often a challenge for first time buyers to raise the deposit in the first place. This increases demand on rental stock and the buy to let market, which is currently under pressure from tax changes coupled with a substantial increase in legislation and regulation.
Focus of attention
The Government and the Law Commission are very clearly focused on delivering a house buying process that is fit for purpose, harnessing the benefit of technology, removing unnecessary delays and costs. A call for transparency and changes in the market alongside the forthcoming data protection legislation and Brexit negotiations will affect professionals across the industry, bringing both opportunities and challenges.
At the core of this focus of attention is customer service and the recognition of what customers need and want. This should create positive innovation and an improved customer experience for house buyers and sellers.
Here at Coodes we are making significant investment in the coming months in technology, staffing and new methods of delivering our service. In addressing these challenges, we intend to benefit not only our clients but our fellow professionals who we work with every day.
For more information or advice, please contact the team on firstname.lastname@example.org or telephone 0800 328 3282