For a few months now – ever since the infamous Truss/Kwarteng ‘mini budget’ last September, – housebuyers have been faced with increased costs on mortgages and have also been a bit nervous they might be purchasing in a weakening housing market. You can’t blame them when the media have been full of negative reports and predictions for house prices in 2023. Of course some prices have slipped in some areas as interest rates have risen, – its only to be expected. But locally it’s been more a case of prices flatlining rather than dropping. In fact in the last 3 or 4 weeks, its felt like we’ve been heading back to more active market conditions. Viewings and offers are up, and whilst its not as frantic as it was in the super-busy market of 2021 and early 2022, there’s definitely signs buyers are thinking we may be at or near the top of the rising interest rate cycle and if they want a good property in this area they can’t wait around hoping for a fall in house prices that might not happen. Last weekend for example we marketed a house in Arlington Road and had a big response, lots of viewings and 7 competing bidders, most of whom went over the asking price. We often find in our local area that our market can be a bit slow to get going in January and February but then often as Spring approaches and thoughts start to look ahead to the next school year, its surprising how a dormant looking market can suddenly spring into bloom. Despite higher mortgage rates and other bad news, we are sensing the market in the next few months might prove to be a lot more resilient than some people thought.