"What a difference eight weeks can make"
Our latest insight on the property market from Mishon Mackay’s Co-Founder and Owner, Alex Mackay:
“The property market, with the exception of lettings, has limped through the winter and early spring. With the high cost of living, and exploding interest rates, people have been very nervous about whether to take on a new property or indeed their first one.
As a business we have revisited our sales model and how we can best cover the city, and beyond, in terms of looking after our clients’ best interests and helping them to achieve their best price. Whether or not these changes have made an impact on our business, I'm not sure I will ever know, but the last eight weeks have been exceptional, and I have seen a significant uplift in enquiries, viewings, and sales.
It would appear that we are at last looking over our shoulder at a market that was full of anxiety and uncertainty, and we are now moving into a calmer period. Interest rates are settling back to, a higher, but more affordable level than they were four to five months ago, and the cost of living seems to be peaking and showing signs of falling back to single digits.
I've been an estate agent for 44 years, (I know it's a long time!), and I've seen many ups and downs and this particular blip has been quite severe, but now appears to be quite short lived. We have, of course, inherited from the mini budget of September 2022 a sharp rise in the cost of living and higher interest rates. Although I believe both of these will fall, it will not be back to the levels we have enjoyed for so long.
But people have to move and now appears to be the time.
So if you're looking for a new home, literally a brand-new home or a second-hand home, then please contact your local Mishon Mackay office.
Happy house hunting!
Thank you for reading this and please feel free to contact me at any time on 07904 996 500 or alex@mishonmackay.com.”