14 Jan CURRENT STATE OF THE MARKET AT THE START OF 2023
We thought it may be helpful to provide you with some information on the state of the property market in 2023.
Obviously there is inflation in the economy and the Government, together with the Bank of England will be doing what they can to reduce this as soon as possible. This will be to everyone’s benefit.
Although interest rates have risen, through professional Mortgage Brokers that we work with, who have access to the whole of the mortgage market, we are able to arrange for example, 5 year fixed rate mortgages from 4.35% (these were 6% in October) and 2 year variable/tracker mortgages from as low as 3.78%
You will be pleased to know that of the last 5 properties that we have sold in January, 4 were at the full asking price and 1 at 98% of it.
Although there is a reduced level of housing stock available, this will help to maintain values and the reasons for people moving haven’t changed. These reasons include retirement, job moves, relationship breakdowns, probate, schooling choices and down-sizing.
The Buyers who are most likely to be holding back, are those whose move is purely discretionary, ie. dependent on finding something particularly appealing to buy. They will return to the market when the economy settles.
In the meantime, we are optimistic about the prospects of sales in 2023.