Information from Zoopla highlights how the the housing market is now shifting to a buyers’ market, with an increase in homes being put up for sale, creating greater opportunities and choices for buyers.
The Agent is happy to announce that Ashwood Homes have appointed Bernard Snowden, The Agent in Spalding as their selling agent for five new developments.
Believe it or not, if you are looking for a quick sale, January is actually one of the best months to sell your home.
Data from the HomeOwners Alliance found that properties listed in January now take an average of 60 days to sell over the last seven years. This ranges from 51 to 75 days (with the 75 being a bit of an outlier, the next highest was 63!).
People selling their home have had to settle for an average of 3% below their asking price in recent weeks. This is in contrast to much of 2021 and the first half of this year where property mostly matched asking price.
It is good news for buyers and homeowners wishing to remortgage, mortgage rates look set to fall towards the end of the year and into 2023.
A national poll of active home movers across the UK showed that 61% of current UK property sellers have cited rising interest rates as a top motivator for deciding to put their home on the market now.
According to data from Quilter there has been a spike in the number of over 40s taking out mortgages with a term of 35 years or more.
Mortgage rates are expected to rise again this year, in line with inflation soaring to a 40-year high of 10.1% in July.
Mortgage borrowing rules have been eased after the Bank of England scrapped an affordability test. However, the changes may not be as significant as they sound.
Research from Halifax has revealed that housing affordability has been reduced to the lowest levels on record.
For the fifth consecutive time the Bank of England has chosen to increase interest rates – a rise from 1% to 1.25% – reaching a 13-year high.
It also looks like there will be more interest rate hikes coming in the near future, with some committee members voting for more a more aggressive hike of 0.5%.
With intense competition between lenders, mortgage product fees have been lowered across the board, this has coincided with a 34% rise in fee-free mortgage deals.
