The current financial situation in the UK has dominated the headlines this week, with stamp duty cuts and mortgage deals being discussed across the media.
Rightmove have analysed their data and provided us with some useful information that shows what is happening at ground level with the housing market in Gloucester. Rightmove are insisting that the housing market is still moving despite mortgage lenders withdrawing rates in the last few days.
Interestingly in the last 7 days; 110 properties have come on to the market for sale in Gloucester and 197 properties have sold, which is more than the previous week! (72 on the market and 183 sold).
Some reassuring stats from Rightmove
Healthy number of sales agreed
The number of sales agreed on Tuesday was the highest number in one day since early August.
Limited impact on demand so far
On Monday and Tuesday, demand from buyers (leading to enquiries to estate agents) was down just 3% compared with other Mondays and Tuesdays this month.
Average September rate of fall throughs
Over the past few days we’ve seen fall throughs in line with what we’ve seen for all of September.
Mortgage products withdrawn, but there is still choice
A number of mortgage products have been withdrawn, but according to Moneyfacts and as reported by the BBC there are still over 2300 mortgage products available.
We are keeping a close eye on the situation and would be more than happy to chat to you should you have any questions or concerns.
With mortgage rates increasing many buyers are hoping to lock into fixed terms. Please feel free to use our mortgage calculator to find out how much a mortgage will cost you.
Stamp Duty Reduced
On Friday 23rd December 2022 it was announced that Stamp Duty will be reduced to help first time buyers join the property ladder.
Stamp Duty no longer needs to be paid on properties under £250,000 for all purchases and £425,000 for first time buyers.
Further guidance can be found on the government website.