Good News: Buyers Are Back and They Mean Business

The scorching weather may be over, but newly released figures show the housing market is warming up.

Summer is traditionally a quiet time for estate agents, as buyers tend to put their property hunting on hold to enjoy the sunshine – either in the UK or abroad – instead.

And this year has certainly followed that pattern.

From the drama of the World Cup to the hotter-than-usual weather, there has been plenty to distract buyers from their home-buying mission.

However, new figures indicate that the subdued summer mood is over and activity in the housing market is ramping up again.

The first signs of an autumn pick-up have arrived in the form of Zoopla’s latest House Price Index data.

It shows searches for new homes in August were 7% higher than they were at the same time a year ago.

Market conditions

While buyers are returning to the market, it’s important to recognise they’re feeling cautious about price.

This is partly because higher mortgage rates are eating into budgets (currently, the average deal is hovering just under 5%, although better options are available for those with larger deposits).

There are also concerns about inflation (currently 2.9%) and energy costs (rising due to the unresolved conflict in the Middle East).

As a result, buyers – who have plenty of stock to choose from – are price-conscious.

Properties are still selling, but sellers are advised to pay close attention to presentation and to price realistically.

The homes that are hanging around on the market are priced well above the local market average.

Positive outlook

For those who are serious about moving, there is a lot to be positive about.

People looking to buy will be buoyed by the news that mortgage rates have stabilised.

Furthermore, the Bank of England is expected to keep the base rate at 3.75% at its meeting on September 17.

For sellers, news that buyers are returning in force to the market is good news. Many buyers will be keen to get their property search back on track and hopeful that they can be in a new home by Christmas.

Whether you’re buying or selling, work with us. We understand the local market and can turn your moving ambitions into a reality.

For the latest on the local property market, give us a call today.