Moreland's Market Update
As our new lifestyle magazine is released and we are fast approaching the end of the first quarter of 2023 I am keen to provide a full market update. At Moreland Estate Agents we are Members of the guild of property professionals, this means we are able to provide very robust updates about the current market place.
If you’re thinking of moving home in 2023, I hope the facts I provide to you are helpful.
- At the end of 2022 the general market changed dramatically, however, as we enter the springtime market we are seeing good signs of an improved marketplace.
- The big discussion is mortgages - There has been a welcome fall in mortgage rates, with some rates below 4% for lower loan-to-value mortgages. Typical costs for a two-year or five year deal has fallen back to where they were in October 2022, despite the Bank of England base rate rising by 1.75 % during this period.
- There has also been a rise in the number of mortgages, 4000 different products are now available. The number of days a product is available has increased from 15 days in January to 28 days in March.
- The economy and housing market are closely interlinked, despite the rising cost of living, the rate of inflation has slowed down and is expected to fall back over the course of 2023.
- Housing prices have adjusted slightly as more properties come to the market, allowing purchasers more choice as they look for their next home.
- From 2020 to 2022 we saw unsustainable price rises with an average increase nationally of 11%, however, from Summer 2022 to February 2023, prices fell by just -1.1%. These statistics are a national overview, within London we have seen some different trends. Houses in certain areas going against this and increasing in price, with some leasehold properties falling more dramatically in price, as clients requirements are shifting to include the need for outside space or office space to work from home. Supply and demand will determine a price. Of recorded sales in 2022, 48.6% of those sales were leasehold.
- Over the past two years the housing market experienced a huge wave of activity, however, the market is now stabilizing, with more pressure on sellers to be realistic on price to achieve a sale.
- According to Rightmove, the average time to agree an offer within London is 74 days, a large jump from previous years.
- If you are thinking of moving in 2023 and you would like more information about how the facts within my update might affect you, please call us today on 0208 381 4970