While it’s true that the housing market has had to contend with high inflation and steeper mortgage rates this year, it’s weathering the storm better than expected.
At the time of writing, the market is readjusting to current economic conditions, leading to a levelling off in house price growth and buyers favouring better value properties in more affordable areas.
However, data from the first quarter of 2023 shows that the number of sales is on the up, fuelled by the fact there are 65% more homes available to buy than in March 2022.* And so far, despite rising interest rates, mortgage deals are dropping to around 4% for new loans.
Some regions, such as Scotland, Wales, North East England and London, are doing remarkably well. In contrast, areas that saw values spike during the pandemic are seeing the biggest readjustment as many buyers become priced out of the local market.
Meanwhile, landlords have benefited from higher rental yields since the pandemic (up 11% from 2022 alone), but this inflation has encouraged renters to buy instead. Landlords offering a home office, outdoor space, and energy-efficient homes are particularly well-placed to secure long-term tenants.
Whether you’re looking to sell or let a property, we can guide you through the process while keeping an eye on the ever-dynamic market conditions. Just contact us to learn more.
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