Clear View manufactures high quality doors and windows for all types of UK properties, and notes encouraging predictions for improvements in the property market in 2018.
Factors affecting the UK property market for 2018 include:
- Low interest rates, expected to rise 0.25% to 0.75% in spring. With more than half of mortgage borrowers on fixed rate deals, though, many will not be immediately affected, and further rises are not expected throughout 2018.
- While house building is still slow, 2016-17 saw a rise of 20% over the previous year, providing 217,000 new homes. The government target of 300,000 has not yet been achieved, but the trend is for improvement in the property market in 2018.
- Buy-to-Let lending, which topped 120,000 in 2015, has seen a gradual decline, with tighter controls on lending to landlords. Buy-to-Let mortgages are expected to fall to around 80,000 in 2018, which is good news for competitors in the property market, the first time buyers, who look set to scoop up bargains.
- Immediate cuts in Stamp Duty announced in the budget mean savings of around £5,000 for 80% of first time buyers, buying houses under the £300,000 Stamp Duty threshold. The Office for Budget Responsibility predicts that property prices will increase by 0.3% on the back of this saving for first time buyers. Further help for first time buyers is still available through the government’s help-to-buy scheme, which has seen an injection of £10bn going forward through 2021, but critics warn that prices of new-builds will rise as a result.
- The cost of renting has levelled off, with rent increases of less than 1% in 2017, while rents in London remained static. With little to look forward to from salary increases, rents are unlikely to show an upturn throughout 2018.
- Those looking at the premium end of the property market in London, will be able to choose from the 56 storeys of One Nine Elms in 2018, with prices starting at £800,000, or the Spire in Docklands standing at 67 storeys providing 861 suites, some priced at a whopping £2m or more, and expected to be completed in 2020.