What will happen to the Welling Property Market in 2017?

If you are a property owner or landlord in Welling, or looking to make your first purchase, then what is likely to happen to the property market in 2017 is probably of interest to you.

2016 was a funny year with the increase in Stamp Duty for secondary/investment purchases, continued low interest rates, more amendments to tax laws for landlords and then Brexit. All in all most people working or involved in the property industry found things were changing all too frequently and most landlords were finding things weren’t quite as profitable as they had previously been.

2017 should hopefully be a little more “normal”.

But don’t believe everything you read in the papers, because all of those figures are National averages and what is happening in the north of the country doesn’t matter to the Welling property owner, or estate agent for that matter. Doom and gloom sells papers.

So what is likely to happen here in Welling and close surrounds?

If you are selling, or thinking of selling, or I suppose re-mortgaging, then 2017 is likely to be a good year. The lack of supply in the area is well known amongst the buyers out there fighting over the few houses that are up for sale. There really is so little available. That means if you are selling, the change of someone “preferring the property down the road” is less likely, as there probably isn’t one down the road. By default your property becomes even more popular than it would already have been, and that means more views online, more phone calls into the agents office, and more viewings. Those things in turn inevitably mean more offers, and more competition drives the price up, as well as allowing you greater control over who buys the house so you get the more motivated, more serious buyer. That often means a shorter turnaround time once you are under offer, and less risk of a fall through sale. All of these issues benefit you.

And when is best to sell? Well, now! With so little available, take advantage. Alternatively, April is a good month with many people coming in to money at the end of the financial year, and preparing a Spring sale ready for a Summer move.

If you are a landlord, rents will continue to creep up. Supply is stronger , but there are far too many properties listed for rental that are presented poorly, either by landlord or agent, meaning if you do have a flat or house for rent that is well decorated, spacious and near to amenities and the station, the rent is likely to be £50-100pcm more than the previous let.

Also, there are now less landlords in the market for expanding their portfolios due to taxation changes, so if you are looking to add more property to your portfolio there has never been a better time.

If you need any advice on residential property in the Welling and Bexley area, please do not hesitate to contact me directly on kevin@dansonpropertyservices.com
If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

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