Time To List?
As the echoes from the turbulence of the chaos caused by the mini budget of last September are starting to fade, we are noticing that the market is now finding its balance.
The mini budget of 23 September 2022 that heralded £45bn of unfunded tax cuts threw the markets into turmoil, saw the value of the pound plummet and the cost of borrowing and mortgage interest rates soared.
A correction in the UK Housing market was expected but the widespread commotion was avoidable according to many housing commentators.
Karen Cronin, Managing Director, at Bywater Herring says “ A slowdown was inevitable as property prices were rising so quickly last year and this was accelerated by the mini Budget upset.
The standstill of the winter months has now given way to increased activity and longer term prospects are improving.
People still have reasons to move and now buyers are gaining confidence from strong employment and more competitive mortgage rates even though cost of living is still a concern.”
With rental costs higher than the cost of a mortgage, first time buyers who have been saving their deposit and property investors who are being attracted back into the market are still pressing ahead with their plans.
First time buyers may be making compromises to get on the property ladder and often are getting help from family gifted deposits so they are still out there and buying houses.
Property investors are taking the opportunity to snap up properties and expand their portfolios particularly while there is still such huge demand in this market.
2023 is looking reassuringly calm and steady after the turbulence of recent years.y the mini budget of last September are starting to fade
