May has been a busy month for the residential housing market, notes Alasdair Morrison. Press headlines have stated that there has been a £1,000 reduction in house prices in April with the Halifax Building Society indicating that prices are still falling. But the rate of decline is slowing because there is still a huge appetite to buy.
Despite the interest rate increases by the Bank of England, borrowed money is still relatively cheap and despite one more rumoured rate rise to come, it is then likely to get cheaper in the forthcoming months.
This means buying your own home is still good value as in the long term, renting is never a good option financially.
So, what we have now is not a property boom but it certainly isn’t a bust either. It is the property pendulum swinging back to the middle, where it is equally as tough to sell a property as it is to buy one.
The latest data from the property portal OntheMarket suggests buyer and seller confidence remains high, although newly listed houses are taking slightly longer to find a buyer. This could be due to the increased time to negotiate a fair and acceptable sale price and without the need for rapid and impulse buying.
Since Easter 2023, the housing market has returned to “business as usual” and the new normal looks reassuringly like the old one. Stability has finally returned to the housing market after a period of precedented uncertainty created by the mini budget in September 2022.
If you are thinking of selling your Newark or Southwell home, then call us on 01636 700888 or 01636 813971 and let’s get you moving!
