Spring sees stability and confidence return to market

Spring sees stability and confidence return to market

Rightmove’s latest House Price Index continues to point to a market on a much more stable footing than many anticipated and cautiously transitioning towards the activity levels of the more normal market of 2019. While higher mortgage rates and economic headwinds raise challenges, many potential home movers who were effectively side-lined in the frenetic bidding wars of the last two years will find that a slower-paced market gives them time to plan and secure their next move as we enter the traditionally busy spring-buying season.
 
The average price of property coming to the market rises by 0.8% (+2,906) this month to £365,357. This is below the average monthly rise of 1.0% seen in March over the last 20 years, reflecting a higher degree of pricing caution by many new sellers than is usually seen at this time of year.
 
Mortgage rates have fallen back from their peak last year, with average rates for a 15% deposit five-year fixed mortgage now 4.65%, edging down from last month’s 4.75%, and October’s 5.89%, though this compares to 2.48% this time last year. Accompanying the budget announcement, the OBR statement that inflation is likely to reduce more quickly than previously forecast to 2.9% by the end of 2023 is positive news and the Bank of England may temper rate rises and reduce them more quickly than previously anticipated. However, market conditions are changeable, and we will need to see how the mortgage market reacts in the coming weeks.
 
Tim Bannister Rightmove’s Director of Property Science:
“Lagging sales agreed in the larger homes sectors are likely to be caused by a combination of factors including fewer pandemic-driven moves to bigger homes, a more cautious approach to trading up due to the cost of living, and even perhaps concern over the running costs of a larger home. Meanwhile sales in the first-time buyer sector are likely being helped by some deposit assistance from family. The differing performance of smaller and larger homes highlights the multi-speed, hyper-local market. Sellers looking to take advantage of traditionally strong buyer interest during the spring moving season should seek the expertise of a local estate agent, who will have their finger on the pulse and be best placed to advise on their local market.”

 

Request a free valuation today and get your move underway.

 

Arins selling homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

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