Flats are back in vogue!
If you’re looking to move right now, you’ll probably feel a bit overwhelmed if you’ve been reading any news about the property market and interest rates.
Many people ‘sit tight’ to see what might happen to house prices. In our decades of experience, that’s not always the best course of ‘non’ action, because property is usually always a good investment.
The latest housing market data from Rightmove and other indexes, means we’re able to spot changes in the housing market in real-time.
The good news is, that this April, the number of home sellers accepting offers from buyers has returned to the same 2019 level as before the pandemic began.
Rightmove has compared what’s happening now with the same period in 2019 because it gives an idea of what we could expect from a more ‘normal’ property market.
Samuel Wood Director, Russell Griffin, says: “A range of economic factors have affected home-movers over the last six months, so it’s positive to see the housing market is remaining surprisingly robust.
“Sales at a national level are being agreed at the same rate as the last ‘more normal’ market of 2019. Though of course, there are regional differences across Great Britain and the West Midlands is one area which is staying strong.”
Home-movers are returning to London
During the pandemic, lots of people looked to move to the coast and rural areas, to access more green space, or to be closer to the seaside. In recent months, there has been a reversal of that trend, with people looking to return to cities.
In recent weeks, much of the increase in sales agreed has been on flats, particularly in the capital.
Looking at sales across all property types, show that flat sales are up by 11% when compared to March 2019. But sales agreed on flats alone in the capital are up 23%, compared to the same period in 2019.
What’s happening with mortgage rates?
Although interest rates have risen to their highest level in 14 years, this increase hasn’t fed through to mortgage rates, which happily, have begun to edge down in the past few months.
· The average 5-year fixed rate for a homebuyer with a 15% deposit was as high as 5.89% in October.
· In March this reduced to 4.63%.
We can put you in contact with our mortgage partner, Hilltop Mortgage Solutions, to get an idea of how much you could borrow.
Adrian Newling-GoodAdrian CeMAP, from Hilltop Mortgage Solutions, said: “Fixed rate residential mortgages with a 15% deposit currently starting at 4.19% and for those with a larger deposit being under 4% with 3.96% for 25%.”
What does this mean if you’re thinking of moving?
Co-Director Andrew Cadwallader said: “It’s important to get the sale price right the first time to give yourself the best chance of finding a buyer quickly and you’ll be less likely to have to reduce your asking price later.
“Getting the pricing right often leads to a quicker sale. It’s important to choose a Propertymark-protected agent who really understands the local market and helps you price to sell realistically to give you the best chance of finding a buyer.”
You can use our FREE online house valuation tool to find out what your house could be worth, and call us on 01743 272710 to speak to a professional who can understand your individual circumstances and those of your unique home better.