Gone are the days of most properties selling immediately with best and final offers, prices spiralling upwards at a rate of knots, the frustrations of losing out on your dream home and a lack of choice of properties in the market.
Welcome a normal market – a market with stable prices; a market where sellers have the confidence to sell their homes without the fear of being driven out by buyers wanting to move in before they can find; a market where buyers have more time and more properties to choose from; a market with lower chances of sales failing due to gazumping, rushing in, changes of mind and delays.
Despite the headlines, the market remains in good health. Mortgage lending rates are falling and still sit well below the long-term average. Yes, they are higher than they were, but that was the exception, they were always going to return to more normal levels. Average mortgage payments as a percentage of take-home pay are currently 32.7% which is in line with the average since 1972.
For all mortgages lent between 2014 and August last year, lenders had to ensure the borrower could maintain their current lifestyle if the mortgage rate was 3% higher, therefore the recent interest rate increases should be affordable and not cause people to lose their homes.
If you are looking to buy, and you are a cash buyer, in rented or a first-time buyer, now is the time, house prices are stable and with the high inflation, the value of saved funds/deposits are falling.
We are very much looking forward to a positive normal housing market this year and would be delighted to meet you to discuss your plans. Please arrange a valuation via our website or call us on 01608 491243.