The New Year could be a very exciting one for the property sector but also has the potential for turmoil. With the General Election approaching there could be countless changes in taxation and property laws. If you live in or around London, you’ll also need to consider transport developments and which areas are expected to be the most popular. Before you consider buying here are five important things to think about.

• Firstly, for the first half of the year the market is expected to shift in the favour of buyers. Homes still on the market at this point are likely to see price reductions as sellers look to make the sale. There is also a natural slow down of sales in the few months before the General Election so people looking to sell will be trying to do so while there is more interest in January and February.
• Next there is the potential for estate agents to change how they advertise properties. Large sites like Rightmove and Zoopla can charge high fees for the services they offer. This creates opportunities for the introduction of new sites offering savings. The most eagerly awaited is On The Market which is set for launch on January 26th.
• There are several transportation plans to be discussed in 2015, including HS2, HS3 and London’s airport situation. These discussions could see demand for houses shift in areas that will benefit from the new transport links. Many local markets will change as a result of the plans.
• An important thing to keep an eye on is interest rates. The Bank of England claim rises will be small and gradual but this could present problems if the rise is not reflected in wage rises. With higher interest rates people with mortgages and other financing could find themselves needing to renegotiate their terms. If you’re buying this year it is wise to choose a mortgage at a set rate.
• A final thing to think about is the impact that mansion taxes will have on the high end market. These could see property valuations change slightly as people seek to avoid certain thresholds that will see them owing more tax. It also means that buyers could seemingly find discounts if they are careful.

As specialists in property management in Merton and throughout the entire capital, we are always on hand to offer help and advice to investors, landlords and tenants and will be able to provide the help you need to navigate any changes in the property market. Contact us now for further information.