A BURNLEY-based property expert has predicted a buoyant year ahead for the property market in east Lancashire.
Ian Bythell, the Residential Director of Petty’s, says that he had reviewed Petty’s results for 2016 and this confirmed what he saw when the Office for National Statistics announced that the UK economy had grown faster than expected at the end of last year.
“The Brexit vote caused uncertainty, but despite people’s understandable anxieties, the local housing market, like the wider economy enjoyed a better year.
“We saw growth in house prices at the top end of the market and more generally, the number of houses sold over the year was comparable to the previous year.
“This alongside a good year in the residential lettings market, means that we expect good overall results and increased confidence as 2017 progresses – especially as demand continues to outstrip supply.
“In some areas price growth could be restricted by stretched price levels, but in our area we have high quality affordable houses.
“This could see an increased number of people looking to relocate to our area in the coming years, due to how well-connected we are for commuters. This is something that I think Petty’s are well positioned to capitalise upon, as we are the only selected agent to represent the Relocation Agent Network in the Burnley and Pendle area. I’m predicting price rises of up to three per cent in 2017.”
Mr. Bythell also expresses optimism about the residential lettings market as the demand for rented property remains high and many properties are let in just days of becoming available.
“Rent levels have been rising due to robust demand – so despite issues in the wider world that are still to fully play out, the robust nature of the property market, make it a good time to sell or invest. For the foreseeable future, I expect house prices to continuing rising, whilst demand continuing will exceed supply in the rental sector,” added Mr. Bythell.