Property market renewed confidence

Is now the ideal time to sell your property?

As we approach the year’s final months, the UK property market has a fresh sense

of optimism. Despite earlier predictions of house price declines, recent data suggests otherwise. The Bank of England’s interest rate cut has reduced borrowing costs, enhancing buyer purchasing power.

This environment leaves many homeowners contemplating whether now might be the

ideal time to sell their property.

HOUSE PRICE GROWTH AND MARKET EXPECTATIONS

In August, both Nationwide and Halifax reported annual house price growth exceeding 2%, marking a recovery from previous sluggish months. The Royal Institution of Chartered Surveyors (RICS) survey shows a positive outlook, with estate agents

and surveyors expecting house prices to rise over the next year. Asking prices have also increased, with a notable rise of 0.8% in early September, bringing the

average to £370,759.

IMPACT OF FALLING MORTGAGE RATES

The reduction in mortgage rates is another factor energising the housing market.

Lenders began cutting mortgage costs even before the Bank of England’s recent rate reduction to 5%. This trend has continued, boosting the market’s appeal

and encouraging more buyer activity. While high rates persist for some time, the current downward movement could entice sellers and buyers to re-enter the market with

renewed confidence.

A TIMING DILEMMA: SHOULD YOU SELL OR WAIT?

Deciding the right time to sell is always challenging, especially in an unpredictable market. With interest rates declining and house prices showing signs of growth, potential sellers are revisiting conversations about moving that have been on hold.

Although the market isn’t experiencing a seismic shift, the change in mortgage rates has rekindled enthusiasm, making it a potentially favourable time for sellers.

STEPS TO CONSIDER IF YOU ARE PREPARING TO SELL

If you’re aiming to sell your property by Christmas, timing is crucial. Research from the HomeOwners Alliance suggests listing your property by 23 October to secure a sale before the festive season. However, if you’re buying simultaneously, consider the financial implications and whether your new purchase costs more or less than your

current home. Downsizers might opt to wait for further rate reductions and increased

buyer interest to maximise profits.

MARKET RISKS AND FUTURE CONSIDERATIONS

With the housing market’s future direction uncertain, selling now involves weighing potential risks. Although mortgage rates could drop further, there’s no guarantee.

The Bank of England cautions that rate cuts are contingent on inflation trends, leaving the timing of cheaper mortgages unclear. Sellers should focus on making their property attractive, pricing it realistically, and preparing the necessary documents to

expedite the process.

NAVIGATING THE PROPERTY MARKET’S UNCERTAINTY

While the market is witnessing positive developments, it remains crucial for sellers to evaluate their personal circumstances and market conditions. For those ready to sell, acting promptly and strategically can be beneficial. For more guidance on navigating the current property market, our experts can help you to explore your options.

>> READY TO DISCOVER THE RIGHT MORTGAGE SOLUTIONS TAILORED TO YOUR NEEDS? <<

Whether buying your first home, refinancing or exploring new opportunities, our team is here to help you navigate the complex mortgage landscape.

take the next step toward achieving your property dreams.

Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017,

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+44 (0) 7888 431091

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– email info@cedar-crest.co.uk

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