2011

2010 was a difficult year with many uncertainties. So far this year the certainties are: that VAT and the price of fuel will go up; there will be job losses in the public sector; lending will remain an issue and interest rates will remain low (at least for the time being).

The Easter weekend was traditionally when agents started marketing properties but this year the holiday comes late and close to two other bank holidays. Also on the 6th April there is  a new level of stamp duty coming in. Purchases over £1m will pay 5%. Hopefully, this will encourage people to consider marketing their properties early on in the year.

With first time buyers still struggling, the middle market is where there will continue to be most activity. There are plenty of  cash buyers in rented accommodation where they have been watching the market for the last couple of years. The lack of  quality property and confidence last year means that with prices hopefully readjusted by the end of the year, this should be the time to move.

It is likely that prices may fall by up to 10% over the year but there will always be the prime houses which buck the trend. As always, if it’s the house for you then be prepared to pay the price.