So, how is the local property market?

Contrary to the national headlines, the local property market really isn’t as muted as the media would have you believe.  Take a step back to 2021, the post-pandemic frensy created unprecedented demand resulting in a rapid increase in asking prices. Towards the end of 2022 the mini budget caused significant uncertainty and nervousness in the market, resulting in a reduction in demand.  The market we are seeing now is reflective of two extraordinary events, quite close to each other, and as a result we are in a period of price adjustment whilst the market settles down to the new normal.  

On the frontline, reassuringly, the fundamentals of a good property market are all still very much present, albeit we are working with a lesser number of properties and buyers. There is still demand for homes across the board and there are still people who need, or want, to move.  Some optimistically priced properties are needing to accept a degree of price adjustment, but encouragingly, sensibly priced properties are receiving a good number of viewings and offers with subsequent sales being agreed.     

Importantly, first time buyers are returning to the market after the shockwave of the mini budget.  With mortgage rates starting to settle and a diversification of mortgage products, such as Skipton’s 100% mortgage, first time buyers have more confidence in making longer-term commitments. Given they account for a significant number of house transactions, and are typically the start of a chain, increased levels of these buyers are a very positive sign for the general health of the market.   

In lettings news, we are seeing both increases in asking prices across the board and sustained demand from tenants.  A national agent recently reported that “overall, rents across Great Britain have risen 25 per cent since the eve of Covid”. With supply and demand so out of kilter, we don’t anticipate these increases subsiding any time soon.  The Renters Reform Bill publication has created some industry speculation; however, any firm decisions are a long way off and as is always the case, we will advise our clients accordingly.  

If you would like to know what is going on in your area, or just a general overview of the market, contact your nearest office, we would be delighted to help.  

Photo by Collins independant on Unsplash