The national media will have you believe all sorts of horror stories about the change in house prices and the doom and gloom of the property market, but as your local property experts we aim to bring you the facts about the LOCAL property market and to provide you with all of the information that you need in order to make your own decisions on your next move.
In general, the market is steady, back to similar transaction levels that we were experiencing pre pandemic. Yes, interest rates have risen affecting mortgages and lending, however, people still need to, and are moving. Whether that is first time buyers trying to escape the rental market, downsizers looking to reduce monthly out goings, upsizers who need more space or people needing or wanting to move due to life style changes. People are still moving home.
Although conditions within the market are challenging, the improved economic forecasts are all good news for the housing market. Zoopla reported an increase in sales agreed in May compared with the average in May each year between 2018 and 2022, with most sellers confident that their homes will sell within 3 months. Growth is predicted for the UK’s economy with inflation falling to 8.7% in April and slowly falling energy prices helping to make every day spending a little easier.
The first time buyer market is strong and helping to keep the whole market a float with renters looking to pull together deposits and get onto the property ladder rather than fighting against rising rents. There are, undoubtedly, affordability pressures remaining but properties that are priced competitively, presented well and in desirable areas are being snapped up.
Comparing our local areas to the national outlook, the market is being resilient with the amount of sales agreed for the first four months of the year being only 3% lower than the same four months in 2019, despite all of the doom and gloom being portrayed in the media.
The general outlook may still feel like a bit of challenge, but as we have come to realise over the past few years, the new normal comes from adapting to changes and ensuring we are at the forefront of the curve. Our trained property experts are on hand to advise the best strategy for selling your home in the current climate to achieve your goal within the right time scales for you.
If you want to find out more, please do get in touch with your local branch
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.
