Richard Rabin Director of Lang Town & Country gives a rundown of some national statistics and how the industry faired locally.
Overall 2017 was a good year for property here at Lang Town & Country. We saw continued growth in the sales market but at a more sustainable rate of between 2-7% depending on different locations. Nationally the average house price growth was 2.4%.
Our New Homes division had a year of growth with exciting new developments coming to the market including Sherford, The Crescent, Mount Pleasant & Pier 15 amongst others.
With demand staying strong throughout the year the Brexit effect did not hit the property market in the negative way it was forecasted by certain so called experts.
Lettings remained strong throughout 2017 with record numbers of applicants registering with Lang Town and Country. The main issue was the lack of supply of new properties coming to the residential lettings market and this appeared to be the case nationally as well as locally.
Again Brexit did not have any adverse effect over the summer with rents increasing as demand grew. Rents were recorded to be at their highest level both nationally and locally. Towards the end of the year as demand dropped rents also started to fall as Landlords were keen to get new tenants in place before the Christmas break.