Happy New Year, and welcome to your very first Fish Need Water newsletter of 2020!
Here’s what we’ve got coming up:
- What does the Conservative win mean for property?
- All the latest need-to-know news
- Top tool: Search Local Archives
What should we make of the landslide?
While we all expected a Tory majority, it’s fair to say we didn’t expect that much of a Tory majority! Here are some of our predictions for what it means in the housing market:
- Years of uncertainty will finally be over. “Brexit uncertainty” has been to blame for the doldrums-esque state of the housing market over the last few years, but all that will (hopefully) be over – meaning we could see a release of all the pent-up demand that’s been building up.
- Fewer foreign buyers? Sterling has increased in value since the election, which means our properties are no longer such a bargain for foreign investors. While we can’t be sure how long that’ll be the case, the Conservative manifesto pledged a 3% stamp duty surcharge on overseas buyers. If implemented, that’s sure to be off-putting.
- Lots more homes? We’ll see about that. The manifesto promised one million new homes during the next parliament, but, uhhh, we’re not going to hold our breath on that one.
- More expensive mortgages (in the medium-term). If this post-Brexit-uncertainty world helps the economy pick up as we expect it to, we can start to expect interest rates to normalise in the not-too-distant future. The window for locking in super-low mortgage rates could begin to close – so jump in sooner rather than later if you want to buy.
House price winners and losers of the decade. Property values have doubled in some London boroughs (while in some Northern towns, they’re LOWER than in 2010).
Is this the time to buy your first London property? Yes – but get in quick.
Our useful tool of the month
Search Local Archives allows you to find out about family history, house history, and local studies of any area in the UK – fascinating if you want to find out more about your area or somewhere you’re thinking of buying.