As your local property professionals, we make it our mission to keep you well-informed about how the market is changing both nationally and within the local area.
With Spring just about sprung, we are hopping into the warmer months and full of positivity. Buyers are returning to the market after a little hesitation seen at the end of the year last year all supported by falling mortgage rates and beneficial wage growth when compared to inflation.
The Bank of England has held fast on the 5.25% interest rate allowing the economy to stabilise whilst professional forecasters have predicted a drop in both interest rates and inflation towards the latter half of 2024 to help maintain activity levels throughout the year.
Activity is strong with agreed sales in the first 6 weeks of 2024 16% higher than the same period last year and 3% higher than the same 3 weeks in January 2019.
There is also great news for sellers in the West Midlands and the North West, they are the only two regions in England and Wales to have an increase in house prices, albeit at a conservative level, showing that people still moving within the region and the market is still strong, despite the way it is portrayed on some media channels.
Overall, if you are looking to sell, provided your property is priced competitively and marketed well, there is no reason why you should not achieve a sale quickly. If you are looking to buy, there is a good choice of property out there and the pace of the market is quickening. Key points are to check in with a financial advisor to check affordability before going out to look at houses, get yourself organised in readiness for the solicitors, and register your details with us so we can keep you in the loop with properties as soon as they hit the market!
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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.
