Positive news for home movers
The UK housing market is performing better than expected with prices increasing and mortgage approvals rising, and Preston Baker’s own data shows these trends mirrored here in Yorkshire.
Preston Baker’s own data shows the number of viewings booked, a good indicator of the health of the housing market, has grown month-on-month during the first quarter of 2023, as has the number of mortgages written by our team of mortgage advisors.
It’s all positive news for home movers, as the property market shows it’s on a far more stable footing than many had predicted.
House prices have continued to increase
House prices have continued to increase in the first quarter, with Rightmove reporting increases in the average price of property coming to the market of +£3,301 in January, +£14 in February, and +£2,906 in March.
Nationally it is reported that mortgage approvals rose for the first time in six months in February; figures from the Bank of England show that home loan approvals increased from 39,647 in January to 43,536 in February, reversing a downward trend that has been in place since August 2022.
Housing market busier than predicted
The housing market is certainly busier than many had predicted, although nowhere near the boom conditions seen during the pandemic and its aftermath.
Rather, activity levels are of the more normal market of 2019, and many new sellers are showing a higher degree of pricing caution.
Tim Bannister, Rightmove’s Director of Property Science, said: “The beginning of the spring season sees stability and confidence continuing to return to the market as it recovers from the turbulence at the end of 2022. The pace of the market reached an unsustainable level in the last two years, and was on track to slow to a more normal level, though the speed of this slowdown to more normality was accelerated by the reaction to September’s mini-Budget. While higher mortgage rates and economic headwinds raise challenges, many potential home movers who were effectively side-lined in the frenetic bidding wars of the last two years will find that a slower-paced market gives them time to plan and secure their next move as we enter the traditionally busy spring-buying season.“
“Strong buyer interest”
He added: “Sellers looking to take advantage of traditionally strong buyer interest during the spring moving season should seek the expertise of a local estate agent, who will have their finger on the pulse and be best placed to advise on their local market.“
Thinking of moving?
If you are thinking of moving it’s important to ensure you get the best outcome possible and Preston Baker Estate Agents will help you achieve this.
We will give you a free property consultation and valuation and tell you how much your property is worth. We will help and guide you through the whole moving process and can help find your onward move.
Book your free property consultation and valuation now.