Property Market Wapping January 2018. January has always been a month which can be very quiet or exceptionally busy. During the first two weeks of the year we have seen an increase in sales valuations, an increase in buyer and tenant registrations and a healthy stream of viewings.
Based on the current sentiment across most news outlets it appears that some people have taken a view that the market has stabilised and it’s time to get moving again. Historically, Wapping has been an area which has not been affected by severe price drops and it seems to be keeping its resilience with the majority of properties for sale keeping their value compared to the reductions other areas in London has seen. Wapping has been an area where demand is high and supply of properties generally low. It is not unusual for people once they have discovered Wapping to either stay in the area or keep their property and let it to tenants.
There is of course the additional burden of changes to landlords’ tax on rental income and this may result in more properties being sold this year. If these properties happen to be at the lower end of the market, it should benefit first time buyers as they will be able to benefit from the changes in stamp duty for first time buyers who will not have to pay stamp duty on purchases up to £300,000 in London and £250,000 outside London.
The rental market last year saw adjustments with many properties getting less rent. The reductions have mostly been on apartments that have had very little investment over recent years. This indicates that most tenants know they are going to be renting long term before stepping onto the housing ladder and are looking for high quality apartments to reflect their lifestyle. This has been proven with the newly refurbished apartments we have recently rented still achieving good solid rents over the last year. The majority of tenants viewing over the last two weeks have all had the same comments; that they have viewed a lot of properties and the majority have been in pretty poor condition. This should encourage the landlords to invest back into their properties which will in return attract good quality tenants looking for a property they will be proud to call home and in doing so ensure a better rent.
So far the first two weeks have been very promising and the overall sentiment from landlords, buyers and tenants have been positive which indicates that 2018 should be a good year for the property market Wapping January 2018.