Autumn – it’s always a busy time for the property market, and not least because there's now the incentive of 'moving in time for Christmas', adding pressure to the home-moving decison.
This year, in particular, the seasonal trend has been compounded by the pent-up demand of the last few years, when home-mover plans were widely thwarted by stubbornly high inflation and high mortgage rates.
Now, following the first base rate cut in four years at the beginning of August and mortgage rates trending downwards (we’re currently seeing the lowest rates since before the mini-Budget), would-be-buyers are finally finding themselves with the confidence AND wherewithal to action their home-moving plans.
This combination of seasonal and economic influences - it’s certainly invigorated what has been, until recently, a fairly muted market.
As a direct side effect, August saw house prices reach a two-year high (a figure that is apparently ‘just shy’ of the June 22 record,) with a 15% increase on last year to the number of ‘top-of-the-ladder’ homes being added to Rightmove.
Part of this particular trend owes, it is believed, to the aspect of greater choice in the market, which often tempts others to list their own properties, creating a snowball effect.
As well, changes in legislation and talk of a capital gains tax hike in the Autumn Statement (announced 30th October), has led to a surge of ex-rental homes coming to market (almost 18% of properties currently for sale - and 29% in London- were previously rented out, compared with 8% in 2010.)
Of course, there is no way to rule out the risk of future uncertainties hindering the market’s so-far-so-good ‘recovery’ process, however, with all the markers for market health currently pointing in the right direction, this last selling season of the year, looks far from being the least.
For more details on the property market please contact Braxton on 01628 674234 or email property@braxtons.co.uk