The property market over the last two months has been anything but straightforward – much like the weather at the time of writing. Currently you’re not sure if it’s going to rain or if the sun’s about to come out, and the last couple of days have seen a bit of everything.
With property we are getting so many contrasting views and trends. The summer holidays always brings a lull of some form or another but this year it waited until the end of the holidays. Diaries have had the odd gaps where usually there are none but thankfully, as people return to normal routines, those gaps are dwindling.
Conversely, Rightmove are telling us that the ‘back to school boost’ is at its highest level for 5 years with buyer demand increases across all regions of the country in the first weeks of September. And we’ve certainly seen this in the summer months with sales levels maintaining throughout the holidays and into September.
Maybe this is helped by the claims that house prices have come down over the last couple of months. On average the market has showed a 0.2% decrease in August and actual year on year decreases for the first time since November 2023. Average house prices went from £299,153 to £298,468 in the UK. Hardly earthshattering.
Or maybe the decision of the Bank of England’s Monetary Policy Committee to hold interest rates at 3.75% will bolster confidence in buyers and help with mortgage affordability. Even though there are warnings that the rate may increase to 4% with ongoing conflict between the US and Iran.
And lest we forget there is a Budget on the horizon! The property market seems to be wearing shorts and carrying an umbrella – ready for anything but not sure what’s coming next.
The one thing we can say is that here at Poole Townsend we are well prepared for whatever forecast materialises and our local experts are happy to guide you through your buying and selling journey, whatever the weather.
Get in touch with the team.