LEGAL
The local property markets in 2017
Simon Read is a highly experienced and commercially astute lawyer . Having qualified as a solicitor in 1982 he joined Bower and Bailey as a partner in 2000 . Simon is renowned for his residential and commercial property expertise .
Based in Bower & Bailey ’ s Swindon office , Simon provides a range of practical legal advice to residential and commercial sellers , purchasers and developers . Areas of expertise include :
• Residential property sales and purchases including shared equity properties and houses of multiple occupation ( HMOs )
• Re-mortgages and refinancing
• Commercial property sales and purchases including SIPP transactions
• Commercial lease transactions
• Residential property developments
• Separate lender representation
How has the market fared in Swindon & Wiltshire in 2017 ?
The market in 2017 has been surprisingly buoyant and resilient . Initially , post Brexit referendum we witnessed a slight slowdown in market transactions and a reluctance to act due to economic uncertainty but that seems to have abated for now . Recent weeks however , have seen signs that the local residential market is starting to cool . It remains to be seen whether that is just a short-term phase or the start of a long-term trend .
Are the transactions up on 2016 ? Bower & Bailey were fortunate to have seen an increase in the number of commercial and residential transactions in 2017 over 2016 . Overall though , the market has remained stable over these two years . As a firm , our transaction numbers are underpinned by a significant number of new build transactions that include Help to Buy incentives .
Has the stamp duty on second properties changed buying behaviours ?
The stamp duty on second properties has definitely changed buying behaviour for some purchasers . However , experienced Buy to Let investors seem to be taking the long-term view with regard to property investment in the local market and elsewhere . Swindon , in particular , is perceived as offering good value . With the improved rail link to London , most are optimistic and foresee a capital increase over the medium to long-term as well as good rental income yields .
How do you think the interest rate rise is going to affect the marketplace ?
I am confident that the Swindon marketplace will remain strong and resilient . We have a varied and diverse local economy which should serve the town well going forward even in the event of further modest rate increases . It seems clear any further rate increases will be gradual and should not affect buyer confidence . The mortgage market remains competitive with good products and rates available .
What are your predictions for the marketplace in 2018 ? In my view , it is unlikely we will see strong growth in prices or levels of activity . The best we can hope for is relative stability and that confidence in the market is maintained , resulting in similar levels of transactions .
If you have any questions Simon Read can be contacted via email : sread @ bowerandbailey . co . uk or by calling 01793 610466 .
For more info : www . bowerandbailey . co . uk
@ bowerbailey
House Sales & Purchases
Bower & Bailey Solicitors are proud to offer :
• Qualified Conveyancers who are friendly , approachable and accessible .
We have :
• An excellent record of achieving exchange of contract deadlines .
• A strong track record with all types of property including flats and new-builds .
We offer :
• A personal legal service delivered with speed , diligence and enthusiasm .
• A comprehensive professional legal service for you during your house purchase or sale .
Contact : Victoria Townsend E : vtownsend @ bowerandbailey . co . uk
T : 01793 610466
Cambridge House , 4 College Court , Regent Circus , Swindon , Wiltshire SN1 1PJ www . bowerandbailey . co . uk
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