A Wellingborough Property Market Update

Crisis. Turmoil. Unprecedented.

These were words rarely used before the pandemic. Now they’ve become headlines every day in the news.

And this week, they have been used more than ever to report the economic waves caused by the Chancellor’s mini-budget last week.

It would be naive of us to say it’s business as usual. It’s not.

With interest rates rising and mortgage rates following suit, local home buyers and sellers are concerned.

We have spoken with many buyers and sellers over the past few days who are nervous about what is happening.

And our advice to them has been simple:

PROPERTY IS A LONG-TERM INVESTMENT IN YOUR LIFESTYLE.

Historically, the property markets have had significant ups and downs over the decades.

But if you look at it once term, say in ten-year or twenty cycles, property prices always increase (usually between 2% and 3% per annum)

Media predictions of a property market crash are just that an educated (or not) guess.

In June 2016 – after the Brexit referendum, it was predicted that property prices would plummet by up to 33% – They didn’t.

During the years of protracted Brexit negotiations, it was predicted that property values would sink by 25% – They didn’t.

When the pandemic hit in March 2020, it was predicted that the housing market would come to a juddering halt for years – It didn’t.

Instead, it went skyrocketing with record house prices and sales. The property market is showing incredible resilience.

Of course, it is highly likely it will become more challenging to sell over the next three to six months.

BUT WILL IT BECOME EASIER TO BUY?

House prices are likely to stabilise and buying conditions may become more moderate instead of 10-15 buyers for every property going to best and final offers with the multiple disappointments that follow.

Some people already with a sale or purchase in progress may be getting nervous. This is totally understandable.

But is it worth losing the home you actually want to live in for the next 10-20 years or longer because of speculation today.

If you agreed on a sale and onward purchase two to three months ago, you are in what’s called ‘a relative market’.

These questions need to be asked.

Will you get as good a mortgage deal in 12 months (You probably won’t)

What if prices remain the same (They probably won’t)

What if they increase (They will, it’s only a matter of time)

THE BIGGER PICTURE

According to industry data, most people stay in their homes for 12 – 20 years. So, it’s highly likely that your property will be significantly more valuable in the future.

Life is for living and not something we can put on hold. A home is much, much more than a financial asset.

❤ It’s the place your children grow up.

❤ It’s your port in a storm

❤ It’s your retreat

❤ It’s where you will enjoy your sunset years.

❤ It’s where you will make new memories that will last you and your family a lifetime

I have been helping people to move for nearly 10 years through all sorts of booms and crashes, and I can help you in today’s property market.