You may be wondering how the housing market is performing at present.
You may have had a valuation of your home in the last year or so and wondering what has changed.
Since the end of the summer, the pressures from the wider economy like inflation, fuel and utility prices, and higher interest had combined to curtail what had been an extremely buoyant sellers’ market.
The press had widely predicted a major downturn in the property market and the Liz Truss effect served to slow the market further.
While the predictions for the next quarter vary, Rightmove reports that asking prices have risen 2 % this month.
What we have seen in our local market, there are still relatively few properties available to buy, and that lack of sale stock versus demand means that sales are being agreed upon relatively quickly when priced realistically.
Mortgage rates have been at a historically low level for nearly 12 years, and now current rates, while higher, are still a long way from the relative highs of the 1990s. The higher rates will become the new normal and economic pressures impact the ability of buyers to pay the premium prices in excess of Home Report valuations experienced over 2021 and 2022.
This is a normal market correction and will restore balance in the economy and allow first-time buyers and investors back into the market who had been priced out by the difficult buying conditions.
If you wish to know how this has impacted your home, please give us a call on 01292 277788, we are pleased to offer you a complimentary valuation of your home and offer any advice on your next move.