Is the Norwich Property Market Set for a Spring Bloom? Interest Rate Drop to 4.5% will fuel February Optimism.
Interest Rates are falling
We’ve just had the good news that interest rates have dropped. Interest rates now stand at 4.75% and the drop is in line with expectations of the Bank of England today.
The C Word
I don’t like to be the one who brings up the “C” word but I find myself bracing myself every time I walk into the supermarket these days, wondering if Christmas carols will be playing yet!
Interest rates have been decreased by the bank of England
Is this the start of a more stable property market? Just last week, we saw the Nationwide Building Society release rates of less than 4% on some mortgage deals. This combined with a reduction in the Bank of England base rate, we think will help to solidify the 2024 property market and create excellent bedrock for potential further growth.
FEBRUARY PROPERTY UPDATE 2024
These figures are taken from the Rightmove property index, which rather unfortunately includes the Cambridge data within the East Anglia region, but it does show a more regional interpretation of price change, rather than the national figures which are always way out for us in Norfolk with London prices being so high!
Summer update 2023
The Norfolk property market has been relatively resilient in recent years, with house prices continuing to rise despite the economic challenges posed by Brexit, the coronavirus pandemic, and the ongoing cost of living crisis. However, the rising interest rates of the past few months are starting to have an impact on the market.
