At the beginning of a new year we can always expect to hear many opinions on where the West Bridgford property market will go over the next 12 months.
We, at Royston & Lund, ended 2017 needing more stock as there continues to be a high demand for properties in the area. We are therefore, anticipating that house prices will rise during 2018 due to the high levels of demand and we expect to still see predominately a sellers’ market.
Nationally house prices increased last year by 5% according to House Price Index which is in-line with the increase which we have seen locally in West Bridgford and the surrounding areas.
The local developments of new homes are giving more choice and in turn aiding the market in stabilising; there are likely to be more properties coming to the market as many buyers begin their search with upsizing and in some cases downsizing.
It’s not all doom and gloom for first time buyer’s as regardless of the increase in interest rates, mortgage rates are expected to remain favourable, with any further rises expected to be minimal over the next 12 months. Buyers are increasingly taking advantage of the Help to Buy Scheme as well as Shared Ownership Schemes and therefore this is expected to continue to drive the market forward.
In addition to this, the abolition of stamp duty for first time buyers on all properties up to £300,000 was announced in November, this move is expected to save the average first-time buyer £1,660. We feel this may provide additional motivation to those considering making 2018 the year to become a homeowner again adding strength to the market locally and nationally.
Due to the facilities on offer along with the wealth of employment in the wider south Nottingham region, West Bridgford is still a magnet for buyers who know Nottingham, as well as people relocating into the area.