Buyers
19/03/2024
After a quieter-than-usual August for sellers, all eyes are on the latest House Price Index from Rightmove. This month’s index covers what market changes we have already seen during August, plus predictions for September and beyond.
Whether you are thinking about buying or selling before the end of 2023, continue reading to see how the current market conditions could affect you.
Affordability changes for buyers
During August, we saw a change in affordability trends nationally, with the average five-year fixed mortgage rate now standing at 5.67%, down from its peak of 6.11% in July. On Thursday 21st September, the Bank of England also announced that interest rates would not be changing for the first time in almost two years, and instead the rate will be remaining at 5.25%. Coupled with a slight drop in house prices and improving average earnings, homeownership is gradually becoming more affordable this autumn.
Updates for sellers
For homeowners who are likely to sell to a first-time buyer, there is positive news. Buyer interest in properties with two bedrooms or fewer is climbing with a 1% increase signalling a sustained enthusiasm for getting on the property ladder and owning a home. In the first two weeks of September, new property listings also shot up by 12% compared to the average weekly numbers in August.
Accurate pricing from the start will be your strongest tool as a seller in the current market. Demand from buyers has remained high, so well-priced properties will attract buyers faster, making the agent you choose to sell your property a more important decision than ever.
If you are still in the process of deciding on an agent to sell your home, or if your current agent isn’t working for you, get in touch with your local Robert Watts branch for an expert valuation.
Buyers
Buyers
