After a long period of stability, mortgage rates have hardly been out of the news headlines. In September, everyone held their breath as the Bank of England – responsible for UK-wide monetary policy – made its latest announcement.
We’re barely into autumn and already the interior design experts are predicting which trends will be big news in 2024. Livingetc – the glossy magazine and style bible – has already published its colour predictions for next year and there are some interesting shades in the spotlight.
As estate agents with many years of experience under our belts, we have continued to help buyers and sellers whatever the market conditions. People will always need to move home but why people move very much depends on the market and wider financial implications.
Between October 2022 and June 2023, the average asking price of properties for sale in Wellingborough remained above £270,000. In August this year, they have dropped to £264,334. From the peak to the current asking price, the drop is £13,423 (or 4.8%).
There’s no doubt that the property market is cooling after the unsustainable pandemic levels. While the interest rate and inflation have served to moderate buyers’ plans, property values are naturally returning to more sensible levels. Equilibrium is being provided by falling mortgage rates.
Move or improve? It’s a conundrum many homeowners face when the property market changes. For those thinking of staying put with an idea to extend, convert or perhaps replace their kitchen, it’s worth pricing up any improvements before you commit.
In August 2023, the National Trading Standards Estate & Letting Agency (NTSELA) team updated its guidance to consumers and property professionals regarding how a property’s status is described during the marketing process.
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