We have been in a buyers market since the last quarter of 2022. There is plenty of buyer interest and demand out there but affordability is the key factor. Sellers are having to wait for buyers to get into a position to buy.
When our market slows it slows from the top down so detached property over £500k is affected first. When our market rises it rises from the bottom up and accelerates as the price gap between top and bottom narrows.
There are signs that the market is levelling off. Average mortgage rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%. With less mortgage transactions overall and the Bank of England base rate potentially at it's peak we could see average mortgage rates dropping a bit further.
Clarkes are expecting a period of stability in the market welcomed by both buyers and sellers. If you would like to speak to one of our Local property experts please call us on 01202 533377 or e-mail steve.m@clarkesproperties.co.uk
