Estate Agent Stock Levels Are At A Record Low
I was interested to read a Nationwide survey last week that suggested that house prices actually dropped by 0.3% in the month of March. There is no doubt that a combination of Brexit and the government’s attack on landlords, increasing stamp duty and taking away tax relief on mortgage interest is influencing the market.
The Royal Institution of Chartered Surveyors (RICS) latest property report shows that Estate Agent stock levels are at a record low. It also said that the number of people interested in buying a property, and the number of sales, were also stagnant.
The Association of Retail letting agents suggest that tenant demand is up by 31% in 2017. Combine this with less landlords in the market place and you have yourself a perfect storm. Sounds gloomy but actually now is the time for any would be property entrepreneurs to get into the market and start building a buy to let portfolio.
Take the opportunity of this current hiatus in the market together with low mortgage interest rates and start your property journey.
Given the current lack of available stock, this will inevitably cause house prices to rise in many parts of the country. So as always, the long-term prospects for property are very good. With a greater demand for rented stock than ever before, the buy to let market is still an attractive investment proposition. Make the most of the Brexit uncertainty to maximise your gains.