Falling Mortgage Rates

Clare Phillips
3 May 2023
Buying | Estate Agency | Selling

Leicestershire Property

The best of times and the worst of times

The housing market is so hard to read as news stories swing from growth and excitement to doom and gloom. In this most difficult to read of markets our very own Clare Phillips, Partner at Phillips George gives her insider insights into a challenging market.

UK asking prices over the past month increased less than normal for the time of year, the latest data from Rightmove shows.

The property portal said that average asking prices were up by 0.2% over the month across the UK, less than the average 1.2% gain seen at this time of year. Compared with a year ago, asking prices were 1.7% higher.  However, in the East Midlands prices are up 1.2% last month with a year on year increase of 2.4% and according to Rightmove the average house is only taking 57 days to sell in the area.

Clare Phillips looks more carefully at the figures. “In our region, we saw an increase of 1.2% last month which is the normal average increase we see in house prices at this time of year. However, the market is not what it was even a few months ago, and we recommend our clients be realistic in valuing their house for sale.”

London market panic

The truth is that house price reporting is always skewed towards the London property market, where investors rely on a booming property market to see returns on their investments. This is not really helpful to understand our own property market. Prices decreased by 0.5% last month in London, leading to headlines in the press of doom and gloom. In Leicester, we are experiencing a downturn, but not to the same extent as London.

Falling Mortgage Rates

Despite recent increases in base-rate inflation, mortgage rates are falling. We are seeing clients getting mortgages rates at around 4%, which is a massive improvement on recent offers, so we recommend our clients review their offers.

Opportunities knock

Remember that what comes around goes around, “While prices are not as robust as they have been, make sure you price your property at an attractive level”, says Clare, “Many who are selling will also be buying, so a lower valuation of your property will be reflected in a lower price for the property you are looking to buy.”

Make sure you price your property well by knowing the local market. Present your house as well as it can be, and choose an estate agent with the knowledge, experience and reputation to make your sale the best it can be.

Sell your property with Leicestershire’s own estate agency

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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.