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Should You Sell Your Property In 2014?

At Redstones one of the most frequent questions we are currently being asked is ‘is this a good time to sell my property?’

As I mentioned in my previous blog confidence in the property market is soaring at present, particularly in the West Midlands.  The market is certainly buoyant and what we are seeing on a daily basis is an increasing interesting in properties up for sale at realistic prices.

At the same time, we are seeing frequent cases of multiple buyers bidding for the same property.

On top of that, we have noted the following:-

  • In comparison with the last few years, there is an increase in property viewings across the board.
  • The Bank of England governor Mark Carney recently indicated that interest rates will remain at 0.5% until at least Spring 2015 and only rise slowly to 2% by 2017.
  • The Help To Buy scheme launched by the government is aimed at assisting homebuyers who don’t have sufficient savings to offer a deposit on any mortgage.  Launched in 2013, this scheme provides help to first time buyers through either a mortgage guarantee or equity loan.
  • We are seeing a marked increase in the number of mortgage offers being made to our clients.
  • Figures from the Office for National Statistics (ONS) suggest that the current housebuilding boom is mainly the result of increasing house prices.

Points to Note

All of the above points indicate that 2014 is a good year to sell your property but potential sellers should also consider the following:-

  • For first time buyers, it is still a difficult market, despite the government’s scheme.
  • Other homeowners also report feeling trapped. Furthermore, affordability may not improve until wages begin to see a rise above the cost of living. With a recently released survey suggesting that employers will limit pay rises to 2% during 2014[1] this could dampen the property market.
  • The National Association of Estate Agents has described prospective rises in house prices outside London and the South East as ‘tepid’.

Whether or not 2014 is a good time to sell you property will inevitably be influenced by your personal circumstances and financial situation.  While the market is improving, it is important to be aware of all of your options, together with the potential risks and benefits.

At Redstones, we are happy to answer any questions you may have on the best way to proceed so please do not hesitate to get in touch.

[1] Source : Chartered Institute for Personnel and Development (CIPD)