We once again look back before we look forward to the New Year in front of us. It’s nice when sometimes things go roughly to plan and whilst reading my New Year report from last year it was comforting to see that what was hoped and expected last December has happened - and we are in a better place for it.
At the beginning of this year, we found ourselves in a slowing market as interest rates and inflation took hold, and activity levels had quietened but not stopped. The predictions for interest rate peaks to be lower than expected came true and towards the end of the year have even been held by the Bank of England for the third time in a row.
Our local market is always set apart from the national one. Even though it looked like there may be a further slowing of the market in summer as the holidays were upon us, the interest rate hold seems to have sparked activity levels which have continued to the end of the year. Confidence in lending has grown as better deals have become available.
Granted each area across the South Lakes and Furness are experiencing differing levels of activity but all are still active and seeing plenty of new instructions and sales. The New Year will hopefully bring a renewed sense of impetus and a yearning for change. Competition should return to the mortgage market and affordability should increase. There are even whispers that the interest rate may be cut over the next year. But don’t hold your breath.
Having had a hugely successful 2023 and having proudly sold the most property across the South Lakes and Furness area, Poole Townsend are looking forward to an active and successful 2024. If this New Year is the time for you to look for your next step on the property ladder or you’re thinking about climbing onto the first rung, why not give us a call or visit one of our offices where our local experts can help you.
Wishing you a healthy and a happy New Year from all at Poole Townsend.