At last, some good news

Clare Phillips
30 November 2022
Buying | Estate Agency | Selling

After the gold rush
After the gold rush

Now is a good time to take stock and look at how the property market is changing. Most people have accepted that house prices are not going to continue to grow in the way we have seen over the last few years. House prices have stalled in recent weeks and this is no surprise after the unsustainable growth we have seen in recent times.

Clare Phillips, Partner at Phillips George has experienced a fluctuating housing market many times during her career and helps keep this in perspective;

“This is all part of growth and resetting that we often see in the housing market.

“There are a few aspects of the current situation we need to keep in mind. The first is that our family home is first and foremost just that, out family home, and we should remember this, rather than thinking of buying or selling a home as a financial investment. It is essential to keep an eye on the longer term. House values fluctuate, but the general direction is up so there is no point in looking at the value of your home compared to six months ago, which leads me to the final point; selling and buying go together. When selling you home in a bull market you may get more for your money, but the home you buy will be at an inflated price too.”

At last some good news

Mortgage rates have been steadily coming down since the mini-budget spike in September, with the cost of the average five-year fixed mortgage below 6% earlier this week.

Other indicators for inflation, including all important Government borrowing rates have also calmed in recent weeks, and as the cost of Government borrowing decreases and confidence returns, mortgage rates will continue to fall in line with general interest rates.

The number of mortgage products on the market has recovered. That’s good because it shows that banks are again competing for business and this means buyers are getting better deals.

Served with a pinch of realism and a note of caution

The days of low interest rates are not returning anytime soon. There is no chance of getting back to mortgage rates below 2%, however with mortgage rates now heading towards 5% from a peak of 7%, more buyers are coming back into the market. The deficit between supply and demand for property has not gone away, so demand for good housing stock will come back, but will be more sustainable in 2023.

When selling your home, now it is even more important to make sure you have the best estate agents in place, giving you the best advice for the market and for your sale. Phillips George has the local knowledge and market experience to deliver the best outcome for you when selling your home.

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Clare Phillips
Clare Phillips, Partner
Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.