Putterills Easter Outlook: Busy, Busy, Busy
As we go into the Easter break, we look at what the local property market is doing:
There is no denying that the property market has been full of ups and downs over the past 18 months. Following Liz Truss' autumn budget in 2022, the property market experienced a sharp decline in 2023, which was difficult to control.
However, we entered 2024 with some apprehension, but we were optimistic that the market would recover. During the first few days of January, we launched over 30 properties, and we were pleased with the response from potential buyers. We secured many sales and were able to bring new properties to the market.
The inflation rate has continued to decrease, with last week's announcement of a drop from 4% to 3.4%. This is a significant decrease, and it is expected that the rate will continue to fall towards the government's target of 2%. This decrease in inflation gave mortgage companies the confidence to review their rates and reduce the cost of borrowing money when buying a new home.
Although mortgage rates briefly increased earlier this year, they have since decreased, and the Bank of England's recent announcement that interest rates will remain stable has instilled confidence that we have reached the peak of interest rates and that they will only continue to decrease. It is possible that rates will fall by up to 1% throughout the year.
This year, we have seen a new group of buyers entering the market, and sellers are also returning to sell their properties.
We anticipate a busy Easter period, so if you are considering moving, please contact us. We have plenty of properties available, and many eager sellers.
If you have any questions about the current property market, please do not hesitate to contact us.
wgc@putterills.co.uk
hitchin@putterills.co.uk
knebworth@putterills.co.uk
oldtown@putterills.co.uk
