Neil Drejer, Director at Debbie Fortune Estate Agents gives us his thoughts on why the outlook is positive.
It is no surprise to any of us that the housing market is in somewhat of a confused state. Understandably the national and regional markets are going through a period of adjustment as interest rates rise, and the cost of living continues to climb, in part due to over inflated energy prices. However, it isn’t all bad news. For instance, recently released market research informs us that buyers are realigning their budgets, rather than abandoning their aspirations to move. This is exactly what we are experiencing at Debbie Fortune Estate Agents, buyers are approaching buying in a more methodical manner, with a clear reverse of the heart over head approach. What this does mean is that the vast majority of buyers have done a lot of homework before looking at properties to buy, meaning every viewing is an excellent opportunity.
The numbers of sales agreed so far this year have been steady, and not too far off recent years averages, however the number of new instructions are a little down, so could this be good news for you as a potential seller? The answer is yes! A lack of supply means a lack of competition and with few houses to buy it could make your home an even better prospect.
Another snippet of good news brought about from a slowdown in transactions, is that whilst slightly less houses are selling, some of the countries leading mortgage lenders are beginning to reduce their lending rates to try and corner the market. In the space of just a few months some rates have come down a full 1.00%, which is significant amount on your monthly bill.
If you are looking to buy or sell, the outlook is good. Setting sensible asking prices when selling, provided by obtaining expert local advice and making sure you have been strict with your budget when purchasing and have researched the best available mortgages and rates through a reputable mortgage broker, will set you in good stead.
Our many years of valuable experience, working in all kinds of market conditions, put us in a great position to help you on your journey.
If you are thinking of selling or looking to buy…. Contact Neil or any of our friendly team on 01934 862370 or 01275 333888.