15 Mar As we reach spring – a sign of a more positive housing market for the year ahead
Exciting news for buyers and sellers coming from the Rightmove House Price Index.
The latest House Price Index report shows that average asking prices for homes across the nation has remained steady so far this year, while only reporting an increase of £14 (+0.0%) from January to February, and the smallest increase on record for a January to February period, an increase is a sign of a more positive housing market for the year ahead.
With this news in mind, we are the leading estate agents in Colnbrook so if you are looking to buy or sell in the area, or you are a landlord or looking to rent in the area and have any questions, make sure to give us a call on 01753 683000 or email us.
What can we take from the latest Rightmove HPI report?
There is more choice for buyers
After two and a half years of a fast-paced housing market, with multiple bidders and cash buyers lining up to buy every home for sale, we’re now heading into a more settled market. There’s still a shortage of available homes for sale, but with 48% more homes on the market than there was a year ago the good news is that there’s more choice for buyers.
More buyers ready to move
Many buyers are ready to get on with their move, it is spring now after all! The number of potential buyers making enquiries to estate agents had risen 11% in the last two weeks of February, compared to the same period in 2019, which is the last time any of us saw a ‘normal’ housing market. Buyers have returned with more confidence and more choice, although with revised budgets to accommodate mortgage rates, they are back and looking seriously for their next move.
Realistic asking prices for sellers is key to finding the right buyer
As we enter a slower market, setting a realistic asking price when first listing a property is key to finding the right buyer, contact us today if you would like your home valued with an honest opinion and expert knowledge of the local market.
Lower mortgage rates and packages are coming back
The latest data shows that average mortgage rates have fallen after the uncertainty in the months following the mini-budget. Someone looking to take out a five-year fixed mortgage with a 15% deposit would be looking at an average rate of 4.82%, compared with 5.90% in October 2022, lower rates than originally predicted for now. This is great news for buyers, as lower mortgage rates mean the potential to now afford a higher-priced home than anticipated or have more disposable income to help combat the cost of living crisis.
First-time buyers are returning to the market
More sales are being processed and agreed now than at the start of this year. First-time buyers were hit hardest by the rapid increase in mortgage rates, and with many packages being removed from the market, caused havoc for many property chains. First-time buyers returning to the market with the confidence to make a purchase is a positive sign for all, allowing sellers to continue to chase their next dream home, ultimately keeping chains moving nicely.
If you’re looking to get onto the property ladder in Slough, or buy and sell in Colnbrook, contact us today. We’re ready and waiting to assist you, we have homes waiting for you to view and buyers waiting to view homes like yours.
Contact Us
If you are looking to buy, sell or rent a property in Slough and the surrounding areas, we are the leading independent estate agents in Colnbrook and are location experts. So, contact us on 01753 683000 or email us. You can also follow us on Facebook, LinkedIn, and Instagram.