Our local housing market often starts to motor in the months from now to July, because the area looks at its most attractive and many of our movers want to synchronise with school years. And if you want to move in the summer you need to be getting a sale or purchase wrapped up in the coming weeks. Our main problem right now is not a shortage of buyers but not enough people (yet) deciding to move and put their property on the market. Maybe people are hesitating because they think they won’t get a good price. Its true that last year, as interest rates kept rising, achieved house prices kept weakening because mortgages were becoming more expensive . However, as 2024 develops, it looks like maybe peak inflation has passed and although the Bank of England haven’t dropped the base rate yet, and may not for a while, the general feeling is that’s now more a matter of when not if. Accordingly, then, buyers have started to feel a bit more positive looking forward, some mortgages are available on lower deposits, and we’ve started getting higher prices for properties than we were at the end of last year.
But although the market is looking more confident at the moment and there is a window of opportunity, we worry that a General Election is probably going to be called in October and this might mean the second half of this year might not be as good as normal. In the run up to elections, buyers and sellers tend to sit on the sidelines waiting to see what will happen.
So if you have been thinking about a possible move this year contact us soon to get on our register and we’re always happy to provide a free market appraisal of your property with no obligation. Just ring us on 0208 549 5099 or drop us an email to mail@mervynsmith.co.uk