T: +44 (0)1326 270212
E: sales@htiddy.co.uk

The Current Market – is now the right time to buy and/or sell ?

H Tiddy Estate Agents have been established for over 100 years. The company is a professional and highly experienced independent organization based in the exclusive Cornish coastal village of St Mawes. They successfully sell a wide range of properties in all price categories in and around the rivers of The Carrick Roads (in the Truro and Falmouth areas), the Roseland Peninsula (the jewel in Cornwall’s crown) and the Cornish Riviera around Gorran Haven, Portmellon and Mevagissey.

In their newsletter, released in the last quarter of 2014, they predicted that the Cornish housing market would improve in 2015 and average house prices would increase above the rate of inflation. Recent reports have confirmed their predictions with the annual rate of price increase in Cornwall rising by around 7% and London circa 10% according to Zoopla.

Mark Willson, director of H Tiddy said: “Cornwall is no longer considered just a place for a weekend getaway or holiday. It has undergone a renaissance over the last few years due to improved communications from the technology era as well as a better travel infrastructure, such as the Newquay airport expansion scheme which now provides quicker and easier daily flights to the rest of the UK including London and Manchester.”

Mark went on to say: “Many families relocate their main home to Cornwall in search of a better quality of life for them as well as their children. Often the main income earner works in the City during the week and commutes home for the weekend. We have always had a strong number of buyers retiring to the county. Over the last few years, Cornwall has benefitted from low interest rates, where the second home market has been very buoyant. The second homebuyer not only looks at their property as an investment, which potentially offers a better future rate of return via house price growth. They can also create a yearly income from Cornwall’s lucrative tourist market by holiday letting. This means they can also enjoy staying in their property a number of times during a year by owner booking the weeks they wish through their chosen holiday letting company.”
Mark added: “Some buyers choose not to holiday let and prefer to bring the family down during most of the school holiday periods, where one of the partnership works away during the week, to return back to Cornwall for a relaxing weekend with the family.”

The National Association of Estate Agents (NAEA) recently forecasted that the average price across the UK will rise from £280,000 to £419,000 by 2025. They predict London house prices will double to an average of £931,000. The average cost of renting a home is also set to rise by around 27%.

Asking prices for homes have ended the year nearly £20,000 higher than when 2015 started, according to property website, Rightmove. It predicts that in a year's time asking prices will be another £17,000 higher than they are now. Rightmove's latest figures, which cover England and Wales, show that sellers are now asking £289,452 for a home on average. That is £19,975 higher than the average price in December 2014, which was £269,477.

It was announced in George Osborne’s autumn budget statement, from 1st April 2016, second home and buy-to-let investment buyers will be expected to pay an extra 3% surcharge on each stamp duty land tax band.

Mark Willson reported that since the stamp duty announcement, as well as a number of positive national press reports predicting house price increases for 2016, there has been an unexpected flurry of buying activity during December prior to the Christmas break. Mark predicts that as a consequence of the stamp duty increase on 1st April, there will be higher activity levels in the first quarter of 2016 since some landlords / second home buyers will look to bring forward purchases to complete the conveyance on or before 31st March 2016 to avoid the 3% hike.

H Tiddy sold in excess of £25 million pounds worth of property during 2015. This has been a record-breaking year for the company. They are currently selling out of properties and are keen to have a chat to anyone in the area that is considering selling. They offer free, no obligation market appraisals.

The team of Mark Willson, Natalie Andrew, Jack Hunkin, Charlie Thwaites and Gail Chenoweth can be contacted by visiting their office in St Mawes, by email on sales@htiddy.co.uk or by telephone on 01326 270212.