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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