It is a potentially good time for buy-to-let landlords to add to their portfolio, the latest housing market snapshot suggests.
With buy-to-let continuing to deliver solid returns that outstrip most other asset classes, many buy-to-let landlords are actively looking to add to their portfolio, with plenty of room for negotiations.
The average price of property coming onto the market has dropped by 1.3%, or £3,904, over the past month, which suggests fresh opportunities for buyers to find a winter bargain.
The drop in asking prices reflects a 15% fall in the number of new sellers, as many would-be vendors are deterred by political uncertainty, including Brexit and a general election.
These circumstances have proved to be a negative factor for thousands of prospective sellers, who have postponed their marketing plans.
In contrast, market uncertainty is positive for buyers looking for a bargain, which may explain why the number of sales agreed remains resilient, and is just 2.9% lower than a year ago, suggesting that there are still many buyers in the market to take advantage of those opportunities.
Claire Tier, Davis Tate Joint Lettings Director, commented: “I’ve seen lots changes affecting the property market in my career, but a Brexit deadline followed by a snap general election six weeks later is a new situation for me and for many thousands of buyers and sellers.
“Many buyers are getting on with their lives and making the most of the better negotiating opportunities that the distractions of electioneering and the seasonal slowdown in the run-up to Christmas can bring. This works equally for landlords who are keen to maximise the unique opportunity the current market offers.”
If you would like investment advice, contact your local Davis Tate branch whose Lettings experts will be able to support you.