Steady growth but realistic buyers

We are a quarter of the way into the year and the market has thankfully been steadily growing. Halifax mortgages have reported the fourth consecutive month of gradual property price growth but this comes with a warning that these trends may not necessarily continue.

Year on year price increases have dropped from 1.2% in January to 0.4% in February and annual growth is set at 1.7% compared to 2.3% last month. The fact is that prices are still growing, if only slightly, and the market is productive.

There was a small slow down in market activity after the dreaded ‘R word’ was used in the media but, with reports showing we are no sooner in recession than we are out of it thanks to some committed New Year Sales spending, we are seeing another wave of property sales.

The Easter holidays will be upon us when this goes to press and the traditional consensus is that this is when the property market comes out of hibernation. The holding of the interest base rate since last September and the availability of mortgage products continue to have a positive effect and the expectation of rate reductions across the year will continue to support sales levels.

With all this said there are purchasers out there who are studying the market and are well aware of the realistic value of property. With mortgages still more expensive than in recent memory they need to be careful and considered when deciding where to place their hard earned money.

As always, if you want expert advice on the local property market come and see one of our knowledgeable valuers or negotiators who can guide you through buying or selling a property.

By Craig Turner, Property Department Manager & Valuer, Kendal Office

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