Hampshire: McAndrew Martin predicts strong start for 2016 property market
A chartered surveyors in Portsmouth is expecting to see a rise in demand in January amid fierce competition for homes in the property market.
McAndrew Martin has reported a record December as homebuyers and investors continued to lock horns over properties in the area.
The 20-strong firm is preparing for a busy start to 2016 with demand for homes outstripping supply and interest rates remaining at their historic, six-year low of 0.5%.
Investors rushing to complete transactions before an additional 3% stamp duty on buy-to-let properties and second homes comes into force in April – announced in the Government’s Autumn Statement – may also lift the market.
Latest figures from Hometrack’s UK Cities Index showed that average property prices had broken through the £200,000 barrier in Portsmouth at £201,300 – 6.4% rise on the year before.
Ian Lee, a director at McAndrew Martin, said: “Continued economic growth and record low costs of borrowing have kept the property market bubbling.
“We’ve had our busiest ever December and continued to see demand grow for our services, particularly for surveys and reports for homebuyers.
“The common factor seems to be speed because of fierce competition for properties. Many clients require a report on a rapid turnaround so they don’t lose a house, and we’re expecting this to increase in 2016.
“We always advise people to consider their options carefully and use a PPA member for all of their needs. PPA members have the depth of local knowledge, expertise, experience and insight into local conditions that other larger, remote or Internet-based operators may not.”
The Hometrack UK Cities Index was released in November and showed a 6.4 % increase over the previous 12 months to October, 1.2% over the previous three months and 0.1% over the month before.
Some analysts expect interest rates to be kept on hold until 2017 although the British Chambers of Commerce (BCC) recently revised its forecast to pinpoint the third quarter of 2016.
As well as surveys, McAndrew Martin provides legal services, boundary work, architectural design, building conservation, fire risk assessments and property-related services for sectors including construction. It also has a land and new homes division.
