Bexley housing market in "very good" shape as further price rises set for 2017
PUBLISHED: 09:18 25 January 2017 | UPDATED: 10:18 25 January 2017
Local estate agents are upbeat and believe Brexit will have little impact
House prices in Bexley are set to defy national predictions of slower growth and enjoy further significant gains this year.
While some economists have forecast a national slowdown in price increases, local estate agents are bullish about market prospects.
Rob Tantred, managing director at Capital Sidcup, told the Bexley Times: “It is looking very good. Bexley is 25 minutes from central London, there’s a train station, superb schools and it is still one of the nicer, affordable suburbs.
“Prices are not smashing through the roof like they used to, but they have not dropped, and you can still have a decent price rise in a decent road.”
Kevin Oakes, director at Danson Property Services in Welling, agreed.
“The market is a lot better than most people seem to think,” he said.
“We have seen a 6.3 per cent rise over the last 12 months. For the last three or four years it has always been between six and eight per cent.”
Nevertheless, an increase in stamp duty has taken some of the heat out of the housing market by deterring buy-to-let investors.
Jack Filer, branch director at Village Estates, said: “We are seeing fewer investors due to stamp duty changes.
“It will definitely help first-time buyers. Where investors were snapping up their properties, we are now selling a lot less to investors than we were.”
Mr Oakes was also upbeat about first-time buyers’ prospects.
“The price increase for first-time buyers probably equates to £10,000, and if you are putting down a deposit of ten per cent that equates to £1,000, which is not a life-changing difference.
“Spread over a mortgage, that might be an extra £20 or £30 a month.”
While some fear Brexit could cause a downturn in the market, the general opinion is that its effect on Bexley will be small.
Mr Oakes believes only a financial crisis or significant interest rate rise could have an impact on the borough.