A host of industry experts, including Network Auctions’ Toby Limbrick, have given their verdict for the forthcoming year in a comprehensive new report covering UK property market predictions in 2018.
The report “Expert Property Market Forecasts (2018)” compiled by Property Solvers, features a wide range of insights into macro influences, price and rental trends alongside more specific topics including the rise of build-to-rent, the intensifying effects of Section 24 of the Finance Act and the evolution of the online auction sectors.
While nobody can deny the challenges ahead, the experts’ opinions are clear that there are many opportunities for those who are prepared to work property as a business – and take advantage of the changing market environment.
“It is an environment in which savvy sellers at auction can thrive,” says Toby Limbrick. In 2017 Network Auctions achieved one of their best years on record with a success rate of 84%, selling over £43m of property, up 12% on 2016 despite the uncertainty of Brexit and the snap General Election.
Such sales results are encouraging given the general softening of prices and the first interest rate rise for a decade, as noted by many of the featured experts. Limbrick says, “our February auctions are one of the highlights of the calendar and have been our highest grossing sales for the last two years, and offer an ideal opportunity for sellers to maximise their sales price.”
“We are now accepting entries for our first auction of 2018 on 22nd February. We can offer agents and their vendors both a traditional auction route and also our Network E product, our conditional online sales platform, which is proving a big hit with our estate agent partners. In a mixed market which shows such regional variations, the key strength we can offer is the speed and certainty of an auction sale.”
“The outlook is positive as the low interest rate environment continues to drive investors towards the secure returns property provides. I predict increased demand for mixed use properties that avoid the punitive stamp duty regulation while consented building land and commercial property will be the strongest performers reflecting what we’ve seen in the last six months.”
“We’re keen to talk to anyone who is struggling to sell on the ‘open market’, auction offers a viable additional route to market and a proven track record in achieving above market prices.”