Sky’s the limit as demand soars after election

We’ve recorded another surge in demand as the property market strengthens following the recent general election.

The uplift in residential surveys and our property related services over the past fortnight comes after uncertainty over the election result ended with a majority result at the polls for the Conservatives.

The new Government has also just outlined its legislative programme for the next parliament, including an EU referendum and extension of the right to buy scheme to housing association tenants.

As normality returns, experienced staff at our 24-strong firm have reported growth in our surveys work with a 40% increase over the past year as well requests for quick turnaround times as competition hots up for properties.

Stamp Duty reforms and new pension freedoms which are set to inject capital into the buy-to-let market are also expected to have a positive impact this year, as well as record-low interest and mortgage rates and the cost of living falling to the lowest since 1960, when rock ‘n’ roll legend Elvis Presley had a hit with It’s Now or Never.

Ian Lee, one of our Directors, said: “We have registered a strong start to the year and have noticed market confidence grow since the election.

“The demand for our surveys has continued to rise with a 40% increase over the last year, and the need for fast turnaround times for reports has become more apparent as housebuyers face increased competition for properties.

“We should see the benefit of stamp duty and pension reforms in the longer term, particularly in the buy-to-let market although the new government must ensure that it gets to grips with the pressing need for more new homes.”

Latest figures from the Office for National Statistics (www.ons.gov.uk) showed that the construction sector was improving after a slow start to 2015, with output rising 3.9% in March compared with the month before.

Ian added: “We have seen increased activity in construction and for our building related services. The new figures are encouraging and we need to ensure that this growth is sustained through 2015 both in house building and commercial developments.”

The ONS also released statistics showing a 7.4% increase in house prices for March compared with February, meaning the cost of an average UK home is £273,000 and £339,000 in the South East.

Property analyst Hometrack (www.hometrack.com/uk) placed year-on-year growth to March 2015 at 6.7%, with the average price of a home in Portsmouth at £193,200.

Based at the Fairway Business Centre in Portsmouth, we’re also seeing demand rise for our legal services, boundary work, architectural design, building conservation, fire risk assessments and property-related services for sectors including construction. We also have a land and new homes division.

Earlier this year, we launched a recruitment drive for apprentices, surveyors and asset taggers to carry out inventories at properties and provide property services support.

Please call 02392 697193 or email [email protected] to find out more about how our expert and friendly staff can help you.

You can also follow us on Twitter @McAndrewMartin, like us on Facebook under McAndrewMartin and connect with us on LinkedIn under McAndrew Martin.

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