From booming to cooling: what lies ahead for the Sussex property market?
If you’re looking to buy or sell a property, you’ll be keen to know how our local market is faring.
It’s been a challenging start to the year across the UK with energy prices, the cost of living, and political uncertainty impacting the housing market.
With a team of local experts on the ground, our Co-Founder and Owner, Alex Mackay, has shared his insights regarding the current local property market.
“Well, it’s that time of year again when the daffodils have poked their heads through a previously frozen soil, and we consider how things look in the property market. Are we about to enjoy a good spring market or is it going to struggle to get out of the blocks?
You’d probably need to be Mystic Meg to answer that but equally there are indicators that we can hang our hat on! In the last seven to eight weeks, a number of mortgage lenders have reduced their fixed rates to under four per cent. Eight weeks ago, this was not the case and you could not get a mortgage for less than this. This gives us some encouragement that rates are on the way down and will likely fall further during the year.
This does not mean that the Bank of England will not continue to put rates up. Indeed, it is expected that there will be another rate rise in March, but that might well be it. With the banks and building societies taking a longer-term view on their mortgage products, it is interesting that they have recently reduced their rates and are looking ahead to lower interest rates over the coming years.
With the rate of inflation currently in double digits but with the expectation that this will fall steadily over the coming months, and with lower mortgage rates available, we are now talking to our clients with more confidence regarding the prospects of them making a sale.
Several people, quite rightly, have held off marketing their properties due to a wait-and-see attitude. Therefore, there is currently a build-up of demand for good homes in the city and Mid Sussex and there is likely to be a much more active spring market than the one we experienced over the winter months.
A good property market depends on the confidence of both buyer and seller, and affordability of course. Post a disastrous mini budget in the autumn last year, when everything went off the rails, it would appear that there is a confidence returning, and that is good for all concerned if you’re hoping to move house”.
If you’d like to get an expert opinion on your property, or you’d like to chat more about your situation, please reach out to Alex directly at alex@mishonmackay.com or reach one of our branches, by clicking here