Our latest market reports are here – click the links to find out more.
The seasons are changing and we are heading into the cosy months so we wanted to give you an update on the market conditions and what we foresee happening in the next few months.
If a move is on the cards for you this Autumn, we are absolutely positive that you will want to know the ins and outs of the market to allow you to make the best decision for you in regards to the best time and way to market your home to ensure it meets its best potential. That’s why we work hard to understand both our local markets and the extended regional and national markets, it means we can advise you and help you to come to those decisions.
Traditionally, this time of year is a little chaotic with people either keen to get moved in before Christmas (yes we said the big C word and it’s only October) or people want to relax into the winter months and put the big house move on the back burner until the new year. Whichever route you want to take, knowing how the market is behaving now is essential to make sure you make the right decision for you.
There is a positive outlook for the Autumn months with confidence continuing as inflation remains under control and the interest rates are taking their first steps downwards leaving mortgage users more options to look into. This drop in interest rates has resulted in a surge in activity from buyers providing a much more solid foundation for stronger sales and chains to build up. The number of potential buyer enquiries has increased 11% year on year according to Rightmove meaning it’s a great time to list your home with buyers out there waiting to snap it up.
The certainty created by stable prices within the market means that there are more people looking to make the move at the moment. Transaction levels were 6.7% higher in July this year than last and whilst there is no huge leap in prices, it shows that people are moving and increases expectation for a busy winter period.
Looking at inflation and interest rates, both have reduced throughout the course of the year with inflation looking to end the year at around 2.5% ad the base rate forecast to level out at 4.75%. This will see more competitive rates from lenders resulting in slightly more affordable home moving.
Looking at the national picture, our areas have seen around a 3.1% growth in house prices with Cheshire East looking to be one of the most active areas within our region and Shropshire, Newcastle Under Lyme and Stoke on Trent all featuring in the top 20 areas in the West Midlands.
If you would like to discuss the current market get in touch with your local branch or click on the links above to read our Autumn Market Report.
