What the market is doing…
There has been much talk of property market crashes since the Brexit vote last year. There is no doubt that the property market, both rental and sales, has slowed down over the last 15 months. The events over this period starting with the Brexit referendum and followed by the uncertainty arising from the unexpected General Election in 2017 (and not forgetting the lingering impact of the stamp duty hike from 2014) have produced uncertainty about the prospects for property in Britain’s uncertain future.
As a general rule, markets dislike uncertainty and the property market is no exception. The sales market has seen a considerable fall in the number of newly registered buyers and viewings and a decrease in the number of properties coming to market. Rental levels have remained reasonably stable, but without the increases seen in previous years.
The overall picture, particularly here in London, is one of subdued house price and rental growth. Looking forward, we have to consider the impact of changing mortgage interest rates; increases seem imminent according to noises from the Bank of England, but how quickly and how far will they rise? There may be some good news from the Chancellor in his Autumn Budget (due in November) on stamp duty, due to better than expected budget deficit numbers. The Chancellor may look to use some of the windfall to provide a stimulus to the property market by reducing stamp duty. We may then see a knock-on effect of a general feeling of economic stability and even growth, giving rise to increased confidence and willingness to invest. All of which could have the effect of providing the stimulus needed to help a slow, stagnant market stabilise and strengthen as we end 2017 and a new year begins.
What are we doing at Househandlers these days?
As Autumn draws in and Winter isn’t too far away, our thoughts turn to, what else, but heating systems!
We will be asking your tenants to run their boiler on the heating programme if they haven’t already done so. This will help us identify and deal with any boiler issues in a planned – and less expensive – fashion. It helps avoid last minute frenzied calls to our office at 6pm to tell us “we have no heat!” Needless to say, it’s easier and cheaper to book a plumber in advance rather than to try and engage one late on a Friday evening. But it does happen and it’s times like that that we are grateful that we work with our panel of dedicated professional tradesmen who understand the importance of customer service. They support us here at Househandlers in our efforts to deliver a superior customer service experience not only to our landlords but to their tenants too.