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PROPERTY VIEW By Richard Blake of Winkworth Dartmouth T MARKET IN LIMBO


here are no two ways about it; the UK’s property market is waiting to get some idea of the eco- nomic outlook after the 29th March this year. It is


not only the property industry that is on hold but most businesses in the UK seem to be reporting sluggish growth. We have often said over the years that any economic


uncertainty plays havoc with the property market and I can’t remember a more uncertain time in recent years than we are experiencing at present. However, I honestly believe that underlying conditions still remain for a buoyant property market and as soon as people can see what the future may be like and a deal or oth- erwise is struck and a decision made on Brexit, then all the people who have been holding back will enter the market and conditions will turn around completely. Dartmouth is no different to the market elsewhere in the UK. People in general are not making expensive purchases until there is more certainty. Of course, if you have the cash or ready funds this is a particularly good


time to purchase a property. We are seeing this locally and nationally; people with the conviction to purchase are buying well. So, one of the best ways to describe the market at


present is ‘treading water’. There is still, of course, some movement and we have agreed sales throughout the Christmas period and January with interest in certain properties in early February too. There were plenty of viewings booked for February half-term and I believe that spring will be the springboard to a vibrant sum- mer market.


On another note there is considerable pressure on the Chancellor to review some of the rates of stamp duty during 2019, especially those for investment buyers who are leaving the market in droves and caus- ing a shortage of private rented accommodation and increasing rents. Since the previous Chancellor raised the stamp duty levies for second homes and invest- ment properties, the government has seen a reduction in income from this tax.


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