Is it a good time to sell?
26 Jan 2023
The last 3 years have seen unprecedented demand in the UK housing market, the like of which we haven’t seen for many years across the whole spectrum of buyers - those making their first step onto the property ladder, those wanting more space - or less space - and those wanting to ‘live the dream’ in the countryside. Whatever their choice for selling and buying, the common problem was the overall lack of supply i.e. there were simply not enough properties on the market to buy.
With a combination of low levels of available stock, historically low interest rates and a stamp duty holiday, this led to the start of frenzied viewings by anxious buyers desperate to find their dream home, ‘best and final’ offers with multiple over asking price bids and sales being agreed even before the for sale board went up. The end result was the dramatic house price increases seen across the UK and certainly in our part of the country.
At the moment that is changing but here at Beadnall Copley we are very encouraged by the start of a new selling year. We’ve seen a steady increase of both valuations and new instructions across all price brackets and an increase in the registration of new buyers actively looking to move in 2023. This is all good news for those wanting to sell and move home with more choice of properties to buy becoming available in our local area.
The Bank of England Governor Andrew Bailey has in recent days said that inflation is likely to fall rapidly this year as energy prices fall and that the recent easing of inflation could be a sign that "a corner has been turned”. A major component of inflation has been economies recovering from the pandemic together with soaring energy costs. However wholesale energy costs have been falling in recent weeks and this has made the Bank more optimistic that inflation could be on an "easier path".
Whilst mortgages are now more expensive, we’ve already seen signs of positivity with many lenders reintroducing products including more new fixed rate mortgages and some even reducing their rates.
It’s certainly not doom and gloom at Beadnall Copley, we’re looking forward to another successful year and have already agreed sales on properties that have only just come onto the market. So if you’re considering a move why wait, now is a good time to do it! Give our friendly sales teams a call today and let’s get you moving!
Harrogate 01423 503500
Ripon 01765 698100
Wetherby 01937 580850
WE ALSO DO LETTINGS 01423 505458
Pictured: Eel Mires Garth, Wetherby – A 4 bedroom family home in a popular residential area, came onto the market on the 12th January 2023 and already SOLD subject to contract