Buyer demand increases in local market
'The housing market is slowing, and property prices are falling from their peak levels, with more significant drops expected this year’. Various headlines appearing in the national press like this have meant that whilst we are personally busy with property valuations, sellers are reluctant to come to the market, and so the pause button is pressed on the housing market, says Chris Pick from Alasdair Morrison & Partners.
However, within our ‘hyper-local’ housing market, the reality is very different. Demand for Southwell/Newark and the surrounding villages with desirable facilities and amenities remain high on buyer’s requirements.
Since the start of this year, we are seeing a steady increase in buyers registering their interest and requirements with us at both of our branches, and this is expected to continue.
The East Midlands is proving its resilience by showing the highest monthly change in average asking prices across the country, rising 1.8% in January to £286,753 according to the Rightmove House Price Index released for January 2023. In our experience, properties are still selling, maybe not as quickly as they were in 2022, but that was never going to be sustainable in the long term.
Mortgage rates have stabilised and, in some cases, have dropped, with some of the best deals currently on offer at around 4.2%. Buyers and sellers are advised to speak to their mortgage advisers again to check affordability but also to get themselves into the strongest buying position possible.
The days are getting longer, and it is finally getting a little warmer. More sunshine means the bulbs are popping through and brightening everything up, so our advice as independent estate agents is, if you’re serious about selling, then get your property appraised and onto the market as soon as possible.
We have buyers waiting so arrange a free, no-obligation market appraisal for your property or to register as a buyer, just call 01636 813971 or 700888. For rentals, please call 01636 670977. We would love to help you move in 2023.
