May Market Brief: Property market changes like the weather
The property market at the moment is much like the weather; unpredictable, changeable and a bit of a rollercoaster!
We are experiencing what is being termed a ‘sentiment led’ market with it very much depending on what day you read the news as to whether the reports are positive or negative!
This continued uncertainty is causing a shortage of properties being offered for sale compared to demand which is keeping prices high both here in York and across the country. In fact, in April, Rightmove reported the largest month on month increase in prices of 1.1% in over a year.
Whilst prices are being pushed up, buyers are still cautious and aren’t willing to overpay. It’s important for sellers to be mindful of this if they are looking for a timely sale and stick with a realistic asking price for their property.
The shortage of properties on the market in York will be eased by the release of new developments this Summer and we are looking forward to the launch of Hudson Quarter, an exceptional development of 127 apartments in the heart of the city centre on 20th June. Further details about the development are to be released in the coming weeks and if you would like to register your interest, please email firstname.lastname@example.org.
Away from the sales market, the lettings industry is undergoing significant reform at the moment with more and more legislation being introduced. With over 170 pieces of legislation now in place, it has never been more important for landlords to ensure they are well-informed, or to make sure they choose a reputable agent to manage their property and tenancies.
The Tenant Fee Ban, which will see a ban on letting fees paid by tenants and the capping of tenancy deposits in England, is to be introduced on 1st June. The hope with this legislation is that it will stop unreputable agents from charging excessive fees and exploiting tenants. If you would like further information or clarification on these changes, please don’t hesitate to get in touch.