It would be remiss to not acknowledge that the property market has had its share of uncertainty recently however perhaps as spring arrives we can further expect a sense of stability, echoing the new beginnings 2023 has suggested to date.
According to the Halifax Price Index, in February average house prices remained steady for the second consecutive month, which is particularly significant considering it has reported consistent monthly falls since the announcement of the mini budget in September 2022. Although steady prices may not seem overly exciting it is worth remembering that these steady prices are still higher than the average of 12 months previous and a ‘slower’ market hints at that stability.
Further, its been well reported that rising interest rates changed many prospective buyer’s affordability yet increasingly more competitive rates are becoming available.
With all this in mind, don’t forget purchasing a home is a long-term investment so it is expected that prices will fluctuate during ownership. Prospective buyers will not only consider price but will also need to be able to envision themselves owning the home and, if not purchasing to develop or as a rental, creating a life there.
If in doubt myself and my teams will always welcome a conversation on the current market to help determine if this is the right time for you to buy or sell. Remember, if selling is on your mind, whether now or in the future, most agents will offer a no obligation, free valuation so you can get a sense of what your home might be worth.
