Our Great Yarmouth office is experiencing a real buy to let ‘boom’ at the moment. Since early December the sale of terrace houses in NR30 has surged on the back of a weak stock market, low oil prices resulting in local diversification and buy to let stamp duty changes coming in April 2016.
I have blogged regarding stamp duty changes before so I don’t propose to bore you with it again (if you want an update facebook or tweet me @aldredsproperty), however, this has clearly caused a surge in people bringing forward buy to let purchases after the changes were announced in the November statement.
However, it is not just buy to let purchases contributing to local competition for property. ‘Stock’ on estate agents books is at a very low level and levels certainly not seen since before the housing market crash of 07/08. This is causing strong competition for houses as buyers chase saleable properties especially in suburban locations.
It will be interesting to see how 2016 develops. Will the increased activity in BTL slow as we get closer to April and will the low oil price have an effect on Great Yarmouth and Lowestoft’s housing market as people working in the offshore sector feel the pinch?
All I can tell you is so far so good!