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!
With this new year market place in 2023
I feel that there is less uncertainty moving forward and although the Bank of England did increase rates just a few days ago we have seen some lenders starting to soften their position and offering deals that make borrowing slightly more attainable.
On the whole, we are finding that people who are viewing properties at this time have reset their expectations with regards to borrowing and know the implications if interest rates were to rise, or if they have already done so since their search began.
This means that there are no awkward shocks for purchasers when they start analysing what their monthly outgoings will be upon making an offer!
Taking a step back from the whole situation… Yes undoubtedly interest rates are higher than they have been for many years… but let’s face it… the alternative is to rent! With rental prices surging and available property diminishing, that potential avenue is becoming more difficult to navigate every day!
So what do I expect moving forward this year?
My best guess is that the spring market will kick in as usual. So as we lead up to March, viewing levels will increase… we are already experiencing offers coming in on properties! In fact we actually had rather a successful sales month in January! So we are already up and running!!! We expect more moving forward and to put a comparison to the marketplace, I anticipate that we will go back to a marketplace similar to what we were experiencing in mid 2019. Which is a stable period of consolidation, and this will give things a bit more of a chance to settle down.
If you would like to discuss any elements of this piece or have questions relating to property that you would like help with, then please do not hesitate to contact us on 01603 432000.