Helping Plymouth stay buoyant as UK property transactions fall

Added on May 10, 2017 in Latest News, Plymouth City Office Blog
IMG_4404

Mansbridge Balment Plymouth continues to forge ahead in securing successful house sales, despite a national decline in the level of property transactions.

Recent data from Her Majesty’s Revenue and Customs (HMRC) show that while transactions in England were up 0.5 per cent in March 2017 compared to February, over the 12-month period from March 2016, they are down more than 40 per cent.

Property analysts have pointed out that the year on year fall was skewed by the spike in transactions in March last year, as buyers tried to complete purchases before the sharp rise in Stamp Duty came into force in April.

But while uncertainty remains in the coming months in the face of ongoing Brexit negotiations and a General Election in June, the overall picture in Plymouth is much brighter, as Team Mansbridge Balment helps the city to buck the national trend in the first quarter of 2017.

Ben Dreher, Director at the Plymouth City Office, said the agency is celebrating a strong start to the year with transaction levels at both branches slightly up on the same period last year.

“There is a real sense of optimism in the local marketplace and business remains brisk, which is reflected in the improvement in our sales figures, even at such an early period in the year,” said Ben.

“While it remains a challenge to source those properties at the lower end of the price range, our stock of mid to higher price properties is increasing, which is helping to keep the local market refreshingly buoyant.”

Ben said that one of the main reasons business has been brisk is the sharp rise in the number of first time buyers looking to get on the property ladder.

The growth in the first time buyer market was one of the key predictions by Mansbridge Balment for 2017 following the sharp rise in Stamp Duty for the Buy to Let and second homes sectors last year.

Ben is delighted the prediction has proved to be correct – and urged people thinking about selling to take advantage of the current buoyancy.

“We are seeing first time buyers with a lot of spending power. With the Government’s Help to Buy scheme, and in particular here in Plymouth, the Forces Help to Buy, they are in a strong bargaining position,” said Ben.

“With the shortage of properties coming to market, sellers are also in a strong position and in a number of our transactions, the asking price and even above has been achieved.

“If you are thinking about selling, right now is a good time to do it.”