I’m sure most of us are guilty of thinking things will quieten down in December, both at work and home, and then proceed to have a busy, social, festive period. It also seems that current signs are indicating that within the housing market things might not slow down that much for Christmas, and into 2024; in fact, last year Rightmove reported that the period between Boxing Day and New Year was its busiest on record for home mover-activity.
Of course, as anticipated, the market does look a little different a year later however there are still many positive indicators that 2024 will be a good time to move.
Perhaps the biggest topic on home movers minds this year has been interest rates yet with rates being held in both September and October, with September being the first time since 2021, after 14 consecutive rises,* it does offer some hope that mortgage rates will continue to edge, however slowly, in a positive direction.
Additionally demand remains for well priced homes, it is perhaps just not as instantaneous as it has been in the past. Where we may have seen an influx of enquiries just from putting a property on the portals now the agents that have a solid client list, and are willing to go the extra mile, such as ourselves, stand out. Just recently one of our client’s properties had nine viewings and received almost as many offers, suggesting that when viewings are booked in the potential buyers are more considered and committed.
As we look towards a new year, whether you are looking to sell, buy or become a landlord it always pays to be prepared and the first place to start is to find out how much your home is worth, for sale or to let, and get an idea of your financial situation by speaking to a broker. Myself, my team and our recommended mortgage broker are always happy to have a no obligation chat about your position and what your next steps might be.
Written By Durden And Hunt Director James Hunt.
*Rightmove
