insideKENT Magazine Issue 48 - March 2016 | Page 145

PROPERTY

South East Estate agents running low on stock as
buy-to-let investors flood market

New buyer enquiries across the South East rose
for the sixth month in succession in January
according to the RICS UK Residential Market
Survey, January 2016, with 14% more
respondents seeing an increase in buyer demand
rather than a fall. This rate of increase in new
buyer enquiries has remained broadly stable since
August. Feedback to the survey continues to
suggest that the recent increase in demand has
been boosted by a rush of buy-to-let investors
looking to buy before the 3% stamp duty
surcharge comes into effect in April. In the South

East 70% of respondents expect there to be an
increase of purchases by buy-to-let investors
prior to the changes.
The South East has also seen a rise in sales since
the start of the year – 29% of respondents
experienced a rise in sales rather than a fall while
further increases are expected over the year
ahead.
Meanwhile stock levels in the South East are the
lowest in the UK with surveyors having an average
of just 25 properties on their books – compared

the national average of 44.5. Welsh estate agents
average 100 properties per branch.
Supply has increased slightly with 7% more
respondents seeing an increase in properties
coming onto the market. However, the rush to
acquire buy-to-let property is pushing prices up
with 55% more surveyors reporting prices to
have risen in January. Looking ahead, South East
house prices are projected to rise further over
the next twelve months with 80% more
contributors expecting prices to increase rather
than fall.

Vibrant community at
Scholars Village
Pentland Homes has already seen a vibrant community emerge at their
Scholars Village development in Folkestone. From ‘rightsizers’ to first-time
buyers and even some Pentland Homes employees, a diverse mix of new
residents has created a welcoming neighbourhood in little over six months.
Celebrations have included the Golden Wedding Anniversary of some of its
earliest residents, and a Christmas meet-and-greet where all families were
gifted festive hampers and wine.
The first phase of two-, three- and four-bedroom homes is now over 60%
sold, and is expected to sell out almost twice as fast as originally predicted.
Details of Phase II will be announced later this year.

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