Housing Market continues recovery with Spring market
By Steve Cook – Partner Clarke Gammon
Along with the signs of the coming Spring in our gardens and in the hedgerows, so too are the early signs of the traditional, seasonally strong springtime property market.
This month’s House Price Index from property portal Rightmove confirms that the market is continuing its recovery, reporting that the average asking price of property coming to the market is up by 0.8% on the previous month. Whilst this is only a small increase, it does show that despite the doom and gloom predictions of the media, the property market, as well as the economy as a whole, is a good deal more resilient than we are often led to believe.
First-time buyers leading the way
The Index confirms our own experience locally with first-time buyer properties showing the strongest recovery in the run-up to the spring market. Rightmove’s stats show the average asking price of first-time buyer properties are only £500 lower than last year’s record high.
It is the first-time buyer market that underpins the market as a whole, and as sales agreed in the first-time buyer sector recover faster than expected, this will, over the coming weeks, have a knock-on effect for the rest of the market.
Confidence returns
As mentioned in last month’s market update article, confidence is key to recovery. For the property market, none more so than the stability within the mortgage market. Mortgage rates have fallen back from their peak last year, with the average rates for a 15% deposit five-year fixed mortgage now 4.65%, down from last month’s 4.75%, and October’s 5.89%, this continues to build confidence for would-be home movers.
With the historically busiest time for the property market almost upon us, and with confidence and stability returning from the turbulence of late 2022, it is encouraging to see the return of more civilised times within the property market.
The incredibly fast-paced market of the previous couple of years was unsustainable, and as with all booms, they are inevitably followed by a period of market correction. During these previous times, many would-be home movers were unable to move as they simply couldn’t compete with the frenetic bidding wars of the often urban buyers from the city who outpriced local movers.
Today’s market moves at a much more normal pace compared to those times, allowing local buyers more time to look around and plan their next move without the fear of losing out.
Downsizing
Perhaps unsurprisingly, we also are seeing a good number of enquiries from both buyers and sellers considering the downsizing option. With the impact of the cost of living increases, many older couples whose children have left home, no longer need the space of their large family home or the cost and responsibility of the upkeep and the heating bills, are choosing to downsize to something more manageable and more efficient to run.
Here is a selection of first-time buyer and downsizer homes currently available –
Grove Road, Guildford – Guide Price £550,000
Egley Road, Woking – Price £545,000
Tower Close, Liphook – Price £395,000
Alberta Close, Liphook – Price £400,000
Considering a move this Spring?
If you are thinking of buying or selling your property, or need some help or advice on property-related matters, please give me a call at our Liphook office, I’m always happy to help.
Steve Cook
Partner Clarke Gammon
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