Maintaining despite media

National trends and misleading press releases are clouding the view of how the housing market is reacting to the increase in interest rates and mortgage rates. As expected the rise in the cost of borrowing brought about by increasing interest rates is having an effect on how people approach the property market. However, things are not as bad as they may seem.

Granted a property may take slightly longer to sell as buyers assess their options and affordability, but a report by Hamptons highlighted that only 52% of properties sold in June were agreed under their asking price - the same level as the previous month. Coupled with this, the average agreed sale was a mere 4.4% below the asking price, again the same as it has been in previous months. This proves that the market is maintaining stability as the year progresses.

Furthermore, national press releases have highlighted a drop in average house prices year on year across the previous month. What they fail to mention though are the market conditions at each of these times. Twelve months ago, and before, the market was overinflated and chaotic. Properties were selling at levels well above asking prices as we experienced the final throes of the price boom.

A year on and we find ourselves in a normal market where properties are selling for values at the advertised price or just below. The market has settled and therefore the over-paying has receded. Obviously, this means that the average price agreed for a house is now not only more realistic but lower than it was a year ago.

By trying to keep this in mind we are looking to guide our clients through a market that is now balanced with regard to buyer and seller power. For sellers their property still retains good value whilst for buyer they continue to look to achieve the most beneficial agreed sale in respect to increased borrowing and living costs. The market is littered with properties that were trying to catch the end of the wave and are now reducing their prices to come back in line with healthy market values. As in all markets in order to sell a property has to be carefully priced and well promoted.

Our local property experts would be delighted to speak to you about your property should you be thinking of venturing into the property market.

You’re in safe hands

Trust our team of local experts to provide the best advice on a wide range of legal and financial issues whenever you’re facing a life change and need the best support.

0800 389 2939

Our team are available Monday to Friday 9am - 5pm

Find Your BranchMEET THE TEAM

She'll be glad you planned ahead

Organising your finances today, while planning for the future can be a challenge. We’ll put the kettle on – and take the pressure off.

GET EXPERT FINANCIAL ADVICE

You'll know when it's time to talk

From making a will, to matters of business law our qualified solicitors can offer advice and guidance. Pop in for a chat or call us to make your free appointment.

GET EXPERT LEGAL ADVICE

Sign up for our newsletter

Your details

Signing up to our newsletter will place you on our weekly property guide, providing you with the latest properties for sale and industry news.
You can unsubscribe at any time. We value your privacy and will not share your details.

© Poole Townsend 2017 - 2024. All rights reserved.
Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563.

Poole Townsend Solicitors Ltd are authorised and regulated by the Financial Conduct Authority.
Poole Townsend Solicitors Ltd is entered on the Financial Services Register. https://register.fca.org.uk under reference 807084.

Poole Townsend Estates Ltd. (Company number 10960705) is a company registered in England and Wales with its registereed office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 8004592. VAT Registration number 288092466. Our Estate Agency is a member of The Property Ombudsman Scheme.

Poole Townsend Estates Ltd Property Client account has client money protection, to view our Client Money Protection Certificate please click here. To view our Equality and Diversity Data please click here. The Propertymark Conduct and Membership Rules can be found here.

Professional Indemnity Insurance – please contact Martin Oates at the address above if you require details of cover held.

Registered with the Information Commissioners Office for data protection purposes (ICO No: ZA494153 & ZA331395)

close

Book Your Free Valuation

Fill out the form below and we'll get in touch to arrange your free valuation.

Your Details

We value your privacy and will not share your details.

Top