Wayne’s thoughts on the changing market
What a few years we’ve had with Covid, rocketing house prices, interest rates at pretty much zero and a market which has been almost uncontrollable. It has been a great time to sell, with 90% of sales going above asking price, but it’s been an awful time to buy. So many buyers are fighting a bidding war for the same property, causing lots of stress and heartache when they miss out.
The market since late June and July has slowed, which has made things much better with sales. Properties are still selling well but there is better availability for buyers, and prices seem to have settled. The media paint a picture of doom and gloom, citing rocketing energy prices and predicting a drop in house prices. I do find it amazing, as after 35 years in the business, no one really knows what the future holds for the market.
Certainly, the media love to paint a bad picture, but I can honestly say we feel the market will just return to normal. We think houses will return to selling for asking price or just below rather than asking price or way above. Most importantly, there will be more available properties for sale, giving a much better choice for buyers.
With our exclusive property previews for those selling with us, you can see upcoming properties before they go live to help you secure viewings that much quicker.
Interest rates have increased in the last six months, but they are still very low compared to years gone by. Lenders are offering excellent fixed rate mortgages – which Tristan, our in-house mortgage adviser, can steer you in the right direction of. The market is looking a lot more settled, and with good mortgage deals available, it is a great time to move and be in before Christmas.
For expert advice from Wayne and the Graham & Co team, contact us today.