A sense of balance returns to the market

It was the end of the summer holidays in late August that signalled a wind of change in the mainstream and country house markets. For the first 8 months of 2022 the housing market remained incredibly buoyant with significant viewing numbers, buyers readily competing fiercely for desirable properties and “best offers” remaining common place.

The now infamous “mini budget” saw banks rush to increase mortgage rates incredibly quickly, which immediately started to filter into the market. It is clear that the days of ultra-low interest rates are behind us and we will need to adjust to the new norm.

We remain positive for the market locally and history tells us that if there are falls then this area is likely to fall much less than other parts such as the south east. The outlook for the market and pricing will ultimately depend on how the economy performs and what happens to interest / borrowing rates as a result.

We continue to see healthy levels of demand from good quality buyers. The upside for them is that in this more balanced market they will have a little extra time to make buying decisions compared with the frenzy of the post covid era. Deals continue to be agreed with a few off-market sales too; but as we move towards the year end some will use this time for watching & waiting, although if the right thing comes up don’t wait too long !

We now look for a few months of stable government and anticipate the market gathering momentum in the new year. If you are looking to sell or buy, then please don’t hesitate to get in touch – we would be delighted to help.

CS Nov 22.