Tag Archives: property market

Confidence Returns to the Property Market

Confidence Returns to the Property Market

The high property prices and the sharp rise in prices from 2021 to 2022 weren’t sustainable. With rising mortgage rates over the last 18 months, we expect a natural tip towards a more stable and realistic property market. We hope that as the market stabilises, many buyers will be encouraged to implement their moving plans. Although there may be a slight house price fall in some localised areas, it’s important to remember that many homeowners have seen a sharp rise in the value of their homes since the pandemic.

Despite the recent rise in the Bank of England base rate to 4.25%, mortgage rates are steadying. In addition, Zoopla has reported that there are currently 65% more homes for sale than in March 2022 – and this lack of demand was driving house prices to record high levels. With many more buyers and sellers active in the property market, 11% more sales are being agreed across the UK than in 2019.

Increased sales volumes

The mini-budget in October 2022 caused panic in the UK markets, and in the days following the budget, many lenders pulled their mortgage products, making buyers and sellers nervous to proceed with their plans. However, after the autumn statement, the market stabilised; since then, we have seen cautious improvements.

Sales volumes are increasing slowly in recent weeks at the same as in October. At present, agreed sales are 11% higher than in 2019, and demand from buyers is 16% higher. Homes are now selling faster in all regions of the UK.

This means that we are seeing more normal pre-pandemic market conditions after the post-pandemic property boom between 2020 and 2022.

Preferred property types

Those looking to move to a larger family home are in an ideal position because there is currently a high level of demand at the lower end of the property market. In addition, there’s more choice at the upper end, with many sellers pricing their properties much more realistically and a 4% drop in the asking price, which equates to £14,000. Homes at the bottom of the market are seeing 5% more sales than the upper end.

Those who are upsizing need to carefully consider the higher mortgage costs that will be inucrred. Until the economic outlook becomes more apparent and mortgage rates start to fall, there may be a slight fall in agreed sales this year.

On average, each estate agent lists 25 properties for sale – this is currently nine higher than last year.

Rental rates

There has been a spike in rental rates over the last year, with an 11% rise, continuing to support demand from first-time buyers. This group accounted for 1 in 3 sales last year.

Rental inflation further pushes first-time buyers to move to property ownership, despite the challenges of depositing and the higher mortgage rates.

This year, we expect rental growth to continue, with mortgage rates below rental costs in most regions of the UK, even with the recent rise in rates.

High property demand in Scotland

When looking at the property market in the UK, Scotland is one of the most affordable areas to buy a home. If you are considering moving and want to ensure you get the best deal, talk to our friendly team.

Securing a Mortgage if You Are a Business Owner

Securing a mortgage if you are a business owner, director or self-employed may not be as difficult as you think, provided you have the right documents. 
Continue reading Securing a Mortgage if You Are a Business Owner

Save Valuable Time – Get Your Paperwork in Order!

The property market in Scotland today is fast-moving with properties are being sold well in excess of the Home Report value, and there are no signs of it slowing down any time soon. It’s important that you get all of your paperwork in order to avoid any delays in the sale of your property.

Continue reading Save Valuable Time – Get Your Paperwork in Order!

Local Property Market Update

While spring is finally making a shy appearance in our neck of the woods, it’s all good news and sunshine for homeowners in the Greater Glasgow area. Lots of buyers are looking for their dream home currently, which makes it the ideal context for selling. With affordable mortgages and good approval rates, it is an ideal time for aspiring buyers to look for the next opportunity. Continue reading Local Property Market Update

Help Children Purchase Their First Home

Getting up the property ladder for the younger generations has been proving more difficult in recent years, that is why many appeal to the bank of Mum and Dad to finance the deposit on the first home. But if gifting the deposit to your children is not convenient or possible, there are a few other ways to help younger family members start their journey up the property ladder. Here we look at a few current options: Continue reading Help Children Purchase Their First Home

More First Time Buyers Than Ever Ask Advice from a Mortgage Expert

In the last year, first time home buyers came to the market in unprecedented numbers to find out more about the accessibility of mortgages. Because of the historically low-interest rates and the relatively higher approval rates, many wishful home buyers are in a position to move one step forward on the property ladder. Continue reading More First Time Buyers Than Ever Ask Advice from a Mortgage Expert

A Guide to Building Insurance

You can’t put a price on feeling safe and protected in your home. Building insurance is probably one of the most important types of coverage that you’re likely to get out in your life.

It makes a lot of sense then to think carefully about which type of coverage best suits you and your family. To that end, here’s a quick guide to the basics of insuring your home. Continue reading A Guide to Building Insurance