2017 Housing Market Review

Wednesday, 21 February 2018

At Howkins & Harrison, Rightmove is one of the online partners we work with to promote our properties to the widest possible audience. This year, Rightmove have released their housing market review statistics that give an overview of last year’s property market, which we have summarised here for you. This information makes very interesting reading if you’re thinking of selling your home in the near future.

According to Rightmove, overall housing demand in 2017 was high, whilst new listing levels remained consistent with the previous year. The high level of demand certainly bodes well for a busy housing market in 2018.

Value-led buyers

Rightmove saw a 9% increase in buyer interest in 2017, when compared to the previous year. However, there was a continuing trend towards buyers becoming more value-driven and likely to shop around for the right property, at the right price. This reinforces the importance of your chosen agent setting an accurate asking price for your property and being aware of current selling prices in your area. Being sensitive to price is becoming increasingly important, as can be seen from fact that 31% of properties listed on Rightmove in 2017 were reduced in price after going live.

At Howkins & Harrison, we always give accurate valuations and will never over inflate a valuation just to secure business.

Outside factors affecting sales

Consumer behaviour wasn’t the only thing to affect the property market in 2017. The run up to the EU referendum saw the property market slow down, but then recover quickly afterwards. And changes to stamp duty announced in the November budget meant that first-time buyers purchasing properties up to £300,000 no longer had to pay stamp duty. This is likely to lead to an increase in the number of first-time buyers during 2018 and beyond.

“The new stamp duty rules for first time buyers should provide a boost to the property market in the next few years, making this a great time to sell properties valued under £300,000.”

Martin Broadbent, Head of Residential Sales at Howkins & Harrison

A steady housing market

Apart from a spike in March of 2016 (caused by buyers rushing to avoid the new stamp duty rules on second homes), 2017 saw higher transaction levels than the previous year. However, the number of houses available for sale remained static when compared with the previous year. This could be causing a cycle in which lack of choice in houses available to buy is leading to a drop in the number of people willing to put their houses on the market.

According to Rightmove, the watchword for 2017 was “consistency”, with robust transaction levels leading to a steady market. This looks set to continue in 2018, making now a

good time to consider selling your home.

In summary, Martin says:

“2017 was a steady year for the housing market and early signs suggest that the housing market will continue to be stable in 2018. A busy start to this year suggests that 2018 could be a good year to consider selling your home.”

If you’re interested in putting your property on the market, call us now for a free, no obligation valuation from one of property experts.

Rugby: email property@howkinsandharrison.co.uk or call 01788 564666

Northampton: email NorthProperty@howkinsandharrison.co.uk or call 01604 823456

Daventry: email DavProperty@howkinsandharrison.co.uk or call 01327 316880

Atherstone: email Atherstone@howkinsandharrison.co.uk or call 01827 718021

Towcester: email Towcester@howkinsandharrison.co.uk or call 01327 353575

Lutterworth: email LutterworthProperty@howkinsandharrison.co.uk or call 01455 559203