As you may have heard in previous News, the UK saw a huge spike in the volume of property sales in 2015 due to the Stamp Duty tax being implemented. The tax caused investors to quickly sell or purchase properties to avoid said tax. Now, with Stamp Duty in place, the cost of buying has been increased by 3%.
In 2016, the area of Nottingham saw a decrease in property sales of 20% alone, but what does this mean for property market? On a surface view, properties became 5% higher for all sales, however, looking deeper into the market it is apparent that a new trend has emerged; houses have risen, while flats have fallen. The average flat has actually decreased in price since the new tax – by almost 5%!
If you are looking for a flat, now is a good time to go hunting. However, if you are a Landlord looking to invest, we recommend sticking to traditional houses, as they are still the property type which has a greater demand.
Whether it is a house or a flat, however, we recommend Nicholas Humphreys Letting Agents for properties to let in Nottingham. With fair prices, you are bound to find a property that you like.