West Sussex Property Market is doing well despite Brexit fears
We don’t like to mention the ‘B’ word too much but with the draft text of the Brexit agreement now approved between UK and EU officials after months of negotiations, the property market is a key area that has come under the spotlight of change with many people wondering how their current or future property investments will be affected.
We see regular fluctuations in the market for many different reasons and influences throughout every year, but all in all, our local property market is looking stable right now for reasons including that Worthing and the surrounding area has become a very desirable place to live due to significant regeneration over the last decade together with rising house prices in neighbouring towns and cities becoming a barrier to living there.
Buy to let investors experienced a crackdown when a 3% stamp duty surcharge on buy-to-let and second homes was introduced in April 2016 which together with changes to the way that buy-to-let income is taxed, resulted in reduced appeal within the sector, which expanded rapidly after 2008. This though provided first time buyers with a gap in the market due to less demand for one and two bedroom homes and we have had great pleasure pairing these buyers with their perfect first home.
At Michael Jones, we have seen very little effect on our business since the referendum back in June 2016 and in fact are currently experiencing a busy trading period with high demand for sales and rental property in the run up to the Christmas season. New Build Homes continues to be a fundamental part of our business with our dedicated team doubling in size over the last year to manage a growing portfolio of developments as our team continues to sell more new homes than any other agent in the area.
Our Lettings department have experienced a great period too with our teams letting twice as many properties in the local area than our leading competitor. Landlords have faced a few challenges in the last couple of years but many are still seeing the long-term benefits of investing in the property market and as a result, our portfolio of homes under management has also increased year on year as Landlords seek agents to manage their investments.
We appreciate that these are unsettling times with the country in such a significant period of change but wanted to provide a voice of reassurance that as far as we are concerned, it is business as usual for the local property market and our friendly teams across our branch network would be happy to discuss any of your property questions or concerns during this period.
Feel free to pop into one of our six high street offices or you contact your local office via our website or by calling our Worthing head office on 01903 213281 who will get you through to the right person.
Content accurate at time of publishing.