What is the housing market doing?
Average house prices in the UK have risen by £42,000, since the pandemic.* The value of your home has increased rapidly in recent years. This puts you in a great place if you are thinking of selling your home.
House prices are stable right now, and at times, increasing. In the past couple of years, the impact of the pandemic and stamp duty holiday brought about a more uncertain market at times.
The Land Registry says the average price of a property in the UK rose by ***£11,000 between March 2022 and 2023 - that's a 4.1% year-on-year increase.
The good news is this is more equity in your home and could make it easier for you to consider selling your home and moving.
The home improvement boom
Many homes had thousands spent on them during the pandemic. Because of the travel restrictions, people chose to spend money on their homes instead of holidays. As a result, many homes and gardens are now in beautiful condition.
Easier for homebuyers to get a good mortgage deal
There is a lot of mortgage choice now, with thousands of options available. Do your research and check out what are the best mortgage deals are on offer. In many ways, this makes the prospect of moving very interesting compared with past years. Some home buyers are taking interest-only mortgages, knowing they can overpay their mortgages, which releases some of the pressure on outgoings and financial commitments.
What's happening with interest rates?
The Bank of England Base Rate is at 4.50% announced on 11th May 2023. It is expected to increase again by the end of the year and early 2024.
Mortgage interest rates have been falling and were at an all-time low. But now there are some fears that the Bank of England Base Rate will increase again. So get yourself a good mortgage deal now before that is predicted to happen. Especially if you are ready to move house. Two-year fixed rates are at a total average of 5.87% across the UK industry. If you do your research among the big mortgage lenders you can find some good mortgage deals, particularly if you have a substantial deposit.
More homes are for sale
*The number of house sales agreed is 11% higher than the number agreed in spring 2019 – house sales are on an upward trajectory. And, compared to last year, the stock of homes for sale in the UK has been boosted by 60%.*
The housing market is in a better place than last year in many ways, so now is a good time to sell your home. The rise in the number of hybrid workers able to move to more affordable areas. And in some locations, tenants are paying higher rental fees which are pushing more first-time buyers to the market.
How to price your home right to sell fast
The general advice from property industry leaders is to price your property right, and you will sell your home fast. It is those homes that are overpriced that are struggling to sell at the moment. That is why you need to seek a local and reputable Estate Agent in your area. Get a house valuation today, and find out what your house is worth.
Start looking for your next home in London with DABORA CONWAY Estate Agents.
Sources:
Zoopla*
IMF BLOG**
UK House Price Index, 24 May 2023***
Posted on: 14 June 2023
