We have seen a more traditional pattern returning to the housing market during 2023 with a busy spring market slowing up over the summer for holidays, and now as we are entering the autumn we traditionally find the market picks up as buyers try to find somewhere before Christmas. Recent economic events including the rise in interest rates this year to 5.25%, a figure not seen since April 2008, have concerned potential buyers however we are seeing a number of the larger mortgage lenders starting to cut their rates over the past few weeks following the fall in inflation figures. This is a positive sign for consumer confidence and if, as we have suggested, borrowing costs have started to peak, it could bring renewed optimism to the property market.
We continue to see house prices given a high profile in the media , and some areas of the country are seeing a more price sensitive market with property portals such as Rightmove stating the average asking prices on newly listed properties have fallen by up to 2% over the last month. The two largest property price indices, Halifax and Nationwide, are both reporting similar price falls so it is increasingly important to price sensibly. Despite all this negative news we are finding that the market is more robust than the media suggest and we are seeing high levels of sales despite this news.
In regards to the Autumn, we believe that the fluctuations are set to continue with perhaps two more interest rate rises of 0.25% each which will inevitably create negative media but a willingness for buyers still to proceed despite this, provided prices are sensible. This will buoy confidence as we enter the final quarter of the year.
If you are considering selling over the Autumn, do get in touch and we would be delighted to give you our professional opinion.