The recent increase in the base rate by the Bank of England was inevitable and expected. It has had little effect on the property market as most existing mortgage holders are on fixed terms and therefore not affected every time a change is made.
With Brexit looming and uncertainty as to what is actually going to happen, it is likely that the Bank of England is building up a small margin to be able to cut rates if it needs to stimulate the economy once Brexit becomes clearer.
Mortgage rates, whilst always a factor in the property market, remain at historic lows cost-wise and there are hundreds of schemes available for borrowers to choose from. It does, of course, pay to take good advice and we should be pleased to arrange for our independent adviser to talk with you, if you wish.
First time buyer activity – supported by favourable treatment by Government on Stamp Duty and Help 2 Buy on New Homes has increased – but activity elsewhere in the market is fairly static.
Overall sales transaction numbers are not dissimilar to 2017.
Lettings remains lively but there is less overall growth than in recent years as fewer investor buyers are adding to their portfolios. The existing market churns stock as always and good rental levels are being achieved.
Quality property and sought after locations still command a premium but the market generally is showing greater price sensitivity than it was. Sensibly priced property is attracting good interest from committed purchasers and tenants.
The autumn period, once the kids have returned to school, college or university is traditionally quite a strong period for the market. The nights are drawing in and so the daily focus moves towards earlier in the day when things are lighter and be viewed more easily. Good presentation remains important both photographically and physically and can help generate interest.
Whether selling or letting, buying or renting, getting good quality personal advice from experienced people is vital. Being able to do so online, by telephone or face to face at our offices or in your own property provides reassurance and shows a commitment to helping you with your plans.
Whilst we have embraced the latest technology to support our work, we remain totally committed to delivering a personal service where we work with you to achieve your goals.
Chris Harper and Darren Murphy