Mishon Mackay’s Easter Outlook: Busy, Busy, Busy
As we go into the Easter break, we asked our Co-Founder & Owner, Alex Mackay, for his thoughts on what the local property market is doing:
“Well, there is no doubt that the last 18 months has been a rollercoaster in the property market! Following Liz Truss’ autumn budget in 2022 the property market pretty much went into freefall during 2023. The brake was hard to apply, and we tried really hard.
“We approached 2024 with some trepidation but we were confident that the market would turn. We launched 60+ properties during the first few days of January and we were delighted with the reaction from the buying public. We secured a large number of sales and generated new properties to bring to the market.
“The rate of inflation has continued to fall, with last week’s announcement of a further drop from 4% to 3.4%. A significant drop indeed. The expectation is that this figure will continue to fall towards the 2% Government target. This falling rate of inflation gave the mortgage companies the confidence to review their rates in a downward direction, therefore easing the issues of the cost of money when buying a new home.
“Mortgage rates edged up slightly earlier in the year, they have moved back down again, and with last week’s Bank of England’s announcement that interest rates remain static there is a new confidence that we have peaked with interest rates, and they are now only going to fall. I might be as brave as to predict up to 1% during the course of this year.
“We have seen a whole new tranche of buyers come to the market this year, and sellers, deciding now is as good a time as any to get back on the ‘property saddle’.
“We are expecting a busy Easter so if you’re thinking of moving, then please contact us. We have plenty of stock and many eager sellers.”
If you have any questions on the current property market, then please do not hesitate to get in contact with Alex on alex@mishonmackay.com.