Continuing our series, in which Business Link Magazine invites business leaders to offer up their predictions for the year ahead. We catch up with Ian Marriott, Director at FHP Living, who offers his take on the year ahead.
We began 2017 with the cloud of Brexit looming heavily over the property market, with worries that the property market would stagnate and fears that property prices would fall plaguing the news. Thankfully, the East Midlands weathered the storm and the market remained resilient – though not without its challenges.
In terms of looking ahead, I believe that the East Midlands’ property market will remain robust and I hope that ambitious targets set by the government to address the housing crisis are met.
It’s predicted that house prices will continue to rise – and this is certainly I certainly agree with. Stock is limited and, with demand continuing to rise, we’re expecting prices to increase by a further 1 per cent. This is a lower figure compared to this year but things are expecting to continue on an upwards trajectory and we’re among the top regions for expected growth in the UK which is positive news.
It was announced in the Budget that stamp duty would now be scrapped for properties under £300,000 for first-time-buyers (FTBs); I see this really taking effect in 2018 and hope that we see more FTBs getting onto the property ladder.
With further commitments made by the government to fulfil its housing targets, I’m also hoping that we’ll see a considerable increase in new developments in the region. We have a considerable amount of prime land in the region suitable for building which isn’t being utilised efficiently so I would optimistically predict that smaller, local builders and the larger, national developers will actively start changing the property landscape and new regulations will allow an increase in much-needed, quality stock.
It will be interesting to see how the rental market will also respond to the changes announced this year. The industry remains incredibly active, with our properties often not even lasting a week before being snapped up by eager tenants, with buy-to-let investors also still making up a high proportion of our sales in the city.
2018 will see Brexit negotiations really ramp up but I have confidence in the market and look forward to another prosperous year in property in Nottingham.”