Better than "expected market" surprises many as buyers return!

Perhaps even more surprisingly, it is sales in the first time buyer sector which are holding up most strongly and are down only 7% on 2019. Those who are in the market and able to move are motivated to agree a purchase, likely driven in part by high and increasing rents, and a continued desire to own their own home. Conversely and an indication of hyper-local and sector differences, sales in the top-of-the-ladder sector are down by 16% in the first two weeks of February compared with the same time in 2019.

Meanwhile average mortgage rates have edged downwards after the turbulent months immediately following the mini-budget. The latest data shows that someone looking to take out a five-year fixed mortgage with a 15% deposit would now be looking at an average rate of 4.82%, compared with 5.90% in October

While there is still an overall shortage of property for sale, with available properties to buy down by 24% compared to 2019, more choice is giving prospective movers confidence that they will be able to find the right home for them. The number of available homes for sale is up by 48% on the record low levels of last year, and this slower-paced, greater-choice market appears to be suiting the mass of buyers who need to organise a mortgage and who often lost out to cash buyers in the frenzied best bid scenarios of recent years.

Request a free valuation today and get your move underway with Arins Property Services.