Aylesbury property expert says market is stabilising after challenging economic year
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Despite the brake on house-price growth, the market, as well as economic outlook, is showing tentative green shoots as we head towards Spring, says member of The Guild of Property Professionals, Max Rogers from Harpers Estate Agents in Wendover.
He notes that there has been a welcome fall in mortgage rates, with rates of below four per cent for lower loan-to-value mortgages.
There has also been a rise in the number of mortgage products, with over 4,000 now available. According to Zoopla, the number of days a product is available before it is withdrawn has also increased.
He continues saying that the housing market and economy are closely interlinked, and despite the rising cost of living, the rate of inflation has slowed and is expected to fall back over the course of the year.
Employment levels remain strong, GDP forecasts are improving, and any recession is expected to be less severe than first predicted.
Prices are softening but many sellers continue to be over-optimistic on price. With supply returning to more normal levels, up 60% compared to a year ago, there is more choice for buyers.
Looking at property prices, after two years of unsustainable rises, an expected price moderation in 2023 is not a surprise.
Rightmove report that at just £14, the rise in new seller asking prices in February was the smallest ever increase from January to February, with month on month asking prices recording marginal falls in nearly half of all UK regions.
Max adds that the market is now stabilising and pausing for breath as stock levels and time taken to secure a sale are gradually returning to pre-pandemic levels. With buyers currently in the driving seat, sellers will have to show greater realism on price to get their sale across the line.
If you are thinking of buying or selling in 2023, Max would be delighted to hear from you. He can be contacted in the office on 01296 625100 or [email protected].
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