Latest market update from Tom Hayman-Joyce
To date 2016 has been a year of change in the property market, the broader economy and the country as a whole. Over two months on since Vote Leave, the Cotswold property market is performing very well. August was a particularly busy month, with more buyers registering, higher viewing levels and more sales agreed than in previous years.
Looking into more detail it might not actually be the referendum which will turn out to have had the greatest effect on the property market this year. The real game changer might be tax - the extra stamp duty on second homes and buy-to-let properties.
Properties which are particularly suited to the second home market aren’t achieving the same levels of interest as more conventional family houses. Smaller properties at the lower end of the market, at £250,000 for example, where the additional stamp duty quadruples the bill for an investor, are also feeling the impact, bur to a lesser extent. First time buyers are stepping in and taking advantage of the low interest rates and seizing the opportunity to get onto the property ladder.
With the first time buyers, families upsizing and couples downsizing driving the activity, we expect the market to continue performing well for the foreseeable future.