Our aim is to help people along their property buying journey by giving them the best advice possible. In order to do that, we work hard to be experts within our local areas and to be knowledgeable about the market trends both locally and nationally.
By looking at trends over the past twelve months and at what is happening right now, we can develop a clear picture and try to forecast where we expect things to go to in the near future.
Stepping into Spring 2023, we can see that the market is becoming more stable and reflecting a similar market to that of 2019 with similar levels of available stock, similar overall sales levels and mortgage products reflecting similar trends. Whilst many stats and figures look to be dropping since this time last year, we have to remember that the early 2022 was very much a market determined by the pandemic and we were looking to come out of our final lockdown whilst learning to live with the effects of Covid 19. 12 months on, and although we are still looking at some change and a level of uncertainty around the general economy, the housing market is recovering and very much stabilising.
Mortgage rates are falling back inline with those set in October 2022 for those who have a good loan to value rate and looking to continue to stabilise along with the Bank of England Base Rate over the next 12 months. Lenders are increasing the number of products available helping to fit a wider range of lending criteria, in turn making it that bit easier to get a mortgage that is suitable for your needs.
Looking forward at house prices, with supply and demand starting to balance slightly, purchasers are finding themselves with more choice meaning the pricing and marketing strategy you choose to go with if you are looking to sell is more important than ever to make sure your property is seen by your buyer first to increase the chances of a quick sale. Currently, the average variation of sale price achieved is 4.5% lower than asking price as buyers are looking at negotiating rather than diving straight in to seal the deal.
Looking back at the pre pandemic years, there has been an increase in buyer demand of 8% (January 2019 to January 2023) with the latest surveys in consumer confidence also showing an upward trend. Although the economic climate remains slightly turbulent, it shows that we are all growing a thick skin and moving house is still a priority. Stafford, Newcastle and Stoke on Trent all sit in the top 20 most active housing markets within the West Midlands Region with 3.3% – 3.6% of the available stock turnover, whilst Cheshire East is much higher up the table at 3.8% when looking at the North West Region
Spring is still proving to be the most popular time to move house with 27% of annual sales happening within the Spring months. Why not get the wheels in motion and get in touch with your local branch to discuss your next big move.
A further look into the current market conditions and forecasts for your local areas around Staffordshire, Shropshire and Cheshire can be found in the Market Reports below.
