Reflecting on the past year of 2023, it has been undeniably intriguing and an eventful 12 months. Contrary to the negative market forecasts, the mortgage landscape has been a hot topic of discussion, led by the uncertainty surrounding interest rates. However, it’s not all doom and over the course of 19 consecutive weeks, we have seen a decline in average mortgage rates, particularly in the realm of 5-year fixed mortgages. In July, the average rate stood at 6.11%, but now it has dropped to 5.11% offering somewhat of a balance to the property market.
When it comes to sales agreed, we find ourselves just 13% behind the same period year on year. Based on the strength and buoyancy of 2022 this is a reasonably positive outcome. In fact, three out of the top ten months with the highest buyer demand on record occurred in the first half of 2022. This resilience in sales indicates a strength in the market, which bodes well for more stable conditions going forwards. Consequently, we can expect to see an increase in the number of families making their move, as many had postponed their plans due to the fallout and uncertainty surrounding the previous year’s mini-budget.
In order to navigate these market dynamics successfully, it is crucial to seek the best advice available. While the average asking prices for new sellers have experienced a 1.9% drop across Great Britain, it is worth noting that prices in seven out of the eleven regions are higher than they were a year ago. Here in the North West, we are leading the way with a 1.5% increase compared to last year.
If you find yourself in need of advice regarding the sale of your home and unsure what is the real value in this market we would be more than delighted to guide you.
Thank you for contacting us, a member of our team will be with you shortly.
07912 513478 
hannah@abarnett.co.uk