The housing market is constantly in the media, usually with a ‘shocking’ headline to make you think that buying or selling a property is constant gloom. Luckily, that is often not the case and the statistics, especially at the moment tell a different picture.
So as an agent, what can I actually tell you about the housing market? Well overall, it is still looking promising. This January has just seen 0.9% increase in average house prices so far, being the biggest January boost since 2020.
The level of valuations has increased significantly since the latter part of last year and in the first two weeks of January alone, Rightmove reported a 55% jump in property enquiries. We usually do see this increase in activity due to slower months of November and December but nevertheless, a hopeful start to the year.
So what does the outlook for 2023 look like?
Rightmove have reported that they expect a 2% drop in average asking prices this year and we are expecting to see the impact of higher mortgage rates and the ongoing cost of living effect some parts of the property market.
Although they are forecasting the average asking price drop, the prices will still be higher than pre-pandemic levels. Available property levels are still lower than 2019 therefore the demand still outweighs the current supply. We do however, expect this to even out as the year progresses.
If you are thinking of selling, there are several important things to bear in mind:
- Price Competitively – It is important to be realistic when it comes to marketing your property. The first flurry of interest is the most important and making an initial impact when marketing your property can encourage a quick sale. The longer a property is on the market, the less enticing it can be to potential buyers.
- Choose the right agent – Don’t just pick the cheapest! Consider what the agent can do for you. Will their knowledge and professionalism get you a better price? Will they progress the sale thoroughly to limit the chance of a fall through? Will they assist you with an onward purchase?
- If you need a mortgage, speak to an independent advisor after you have had your valuation and get your figures together for your onward move. Being prepared will assist you when considering offers and offering on your next property.
- Consider your motivation to move – ultimately if your need/want to move is considered and necessary, then now is the right time to move regardless of the headlines and statistics.
If you are thinking of making the move this year, get started with a valuation of your property so you can plan the next steps. Milne Moser can help you with all of the above and we are qualified, experienced agents with local knowledge which can be invaluable when it comes to selling your property.
Kendal – 01539 725582
Milnthorpe – 015395 64600
By Paige McNaughton MNAEA/MARLA
Article References: https://www.rightmove.co.uk/news/articles/property-news/new-year-bounce-jan23/
