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.
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!
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.
We have now slipped into February and I must say I am pleased to see the sunshine out, although I did still have to de-ice my car this morning!
The weather is definitely turning more autumnal and i’ve heard several comments from people about putting their central heating on already!
This is obviously going to be something people are very mindful of this year, with energy prices going up but there are some other impacting factors which have happened in the last few days which I will tell you about as well.
The first signs of wisteria budding and a few sunny days with clear blue skies prove to us that spring of 2022 is distinctly on the way!
©2024 All Rights Reserved
Morton Reeves Estate Agents The Dussindale Centre (Next to Sainsburys), Pound Lane, Thorpe St Andrew, Norwich NR7 0SR Telephone: 01603 432000 | Email: info@mortonreeves.co.uk
