It is a difficult market to call currently but the experts feel house prices in Newark are going to suffer a steady decline moving forward. Three property experts covering multiple aspects of the industry have shared their predictions for the months and years ahead.
Simon Bath, CEO of iPlace Global, said people have paid “over the odds” on property this year.
Buyers have also spent more on moving house as services upped their charges in response to increased demand and a shortage in resources. The stamp duty holiday also saw people rush to meet deadlines, giving them less time to shop around for the best deal. Mr Bath continued: “Now most of the savings made available on the SDLT holiday are long gone, people won’t be willing to pay over the odds for removal men, skip hire and the like, and therefore will wait until the market settles. “In turn, this will further settle the market – and we expect to see a gradual, consistent decline in demand, and the levelling off of property prices.”
David Hannah, property tax specialist and principal consultant at Cornerstone Tax said the property market reached “dizzying heights not seen for decades” this year. But the question is “what’s going to happen next?”
Mr Hannah said the recent rise in house prices seems to “level off” in most parts of the UK except from some markets in the northwest and Scotland. The property expert said he thinks the market has “stopped rising”. He added: “Eventually, it gets to a point that even if someone has sold their house for a tidy profit, they have nowhere to move to.”
Chris Ward, CEO of SDLT Compass, said “the market cannot go on rising forever”.
He continued: “Not only is it unsustainable in a demand sense, as the same savings are no longer available, yet prices are still incredibly high, but also, the people involved in the property market cannot keep up with the demand forever. “We are running out of homes to sell, and conveyancers have long-ran out of resources and time to take on new customers. “Inversely, no one wants the opposite and the bubble to burst – and it is our hope that a smooth, consistent curve on the property price ‘graph’ continues, and levels out – and it seems to be going that way.”
So, with Newark house prices set to decline it may be prudent to contact us for a fair price for a fast deal.