This perfectly inquisitive and relevant question was raised by the newest member of our team this week and rather than my usual response of “we almost always agree the most sales between March and July” I paused for a moment to reflect. As the seasons have seemed to almost blend together in more recent years, the typical ‘house selling window’ has become a more fluid concept. What seems to weigh as heavily on the decision making of our clients in recent times is what former Prime Minister Howard Macmillan was famously quoted when responding to the question of what was his greatest challenge, he replied ‘Events, dear boy, events.’ The same is true for most organisations. As a result, we more commonly see peaks and troughs in available levels of supply as a result of what is happening in the country, the wider world and the prevailing sentiment within the market.
With inflation remaining more stubborn than those charged with keeping it under control had anticipated, we have seen the average fixed rate mortgage rates reach the highest levels seen in 15 years. Whilst the natural temptation for some is to sit on their hands and wait for calmer news, it is important to remember that if purchasing another property then it is the difference between your sale price and purchase price that is ultimately of most importance. In the event that any sale price is less than that you may have hoped, it is likely that this relative loss will be absorbed within your onward purchase price. There is now more choice within multiple sectors of the regional market place, in contrast with the sellers’ market that dominated the 2020 – 2022 period. It may be that you are not considering purchasing a property immediately following a sale and are wondering whether you are best served waiting to see what 2024 brings. If this is the case please do get in touch as we closely monitor a number of economic forecasting models and can guide as to anticipated market trends over the coming months that may impact your decision making and timing process.
We fully recognise that times have become more challenging for lots of people this year and have had conversations with a number of clients as to revaluations required for mortgage purposes. This is something we are always happy to provide with no charge and would urge all clients and readers to engage with a mortgage broker at least six months before any fixed rate mortgage expires on the basis that any new deal can be arranged (often without any financial commitment) that can then be improved upon in the event mortgage interest rates decrease in the interim.
For those wondering, we are still selling property and as per the case in most market cycles, the best situated, well presented, realistic market opportunities are generating sufficient interest and offers.
Should you require any advice or opinion regarding any element of the property market then do contact your local office and we would be pleased to assist to the best of our ability.
