Positive signs for the housing market

“Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time, which can really help to find the right buyer more quickly.” Tim Bannister, Rightmove Director.

According to the latest data from Rightmove released today, demand is increasing from buyers as the disruption following the mini-budget chaos starts to fade. UK house prices remained stagnant this month with an average price tag on a home in the UK rising by just £14 month-on-month in February, the smallest increase recorded between January and February since Rightmove’s records began in 2001. More sellers are also “heeding their agents’ advice to price right first time” and being more realistic about what their property is worth, Rightmove says.

Increasing numbers of buyers are returning to the market as mortgage rates fall back, it reports, with the number of potential buyers contacting agents up by 11% in the last two weeks compared with the same period in 2019. Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%.

The number of UK property sales agreed continues to rebound, and is now just 11% down on 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget. Although the housing market has slowed, it has started 2023 “much better than many expected”, Rightmove reckons and could be a sign that the market will experience a “softer landing”.

Tim Bannister, Rightmove’s Director of Property Science says: “The big question this month was whether we would see new sellers increasing their asking prices as has been the yearly norm as we approach the spring selling season. This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.

“In addition to market conditions demanding greater realism on price, we are transitioning into a slower paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage.

“There are other indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.

“Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time, which can really help to find the right buyer more quickly.”

Here at Beadnall Copley the early signs for the 2023 housing market in our area are proving much more positive than the national media had previously predicted, with the local market stabilising as people look ahead and put their moving plans into action. As mortgage rates start to lower and inflation moves under control, we’re experiencing a significant uplift in valuations and new instructions as house sellers now start to make a move which in turn is great news for buyers still waiting for their dream home.

Considering a sale of your property in 2023? Give our expert teams a call today – we also do lettings and can value for sale and to let at the same time.

Harrogate 01423 503500 – Ripon 01765 698100 – Wetherby 01937 580850

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Also, if you’re looking for the latest mortgage advice and rates to suit your individual circumstances we can put you in touch with James Homer or Dan Porter from Apex Mortgage & Protection – whole of market mortgage advisers – just ask the team to arrange a call back.
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Property pictured: Bridleway, Pannal – Launched onto the market this month with our Harrogate office at Offers Over £950,000 and already SOLD subject to contract
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Rightmove Data released 20.02.2023