At the start of the year, the housing market had been waiting anxiously for more houses to come onto the market and the start of 2023 brought all our wishes to life! Then the Bank of England increased the base rate and the mortgage market reacted with higher rates and also rates that we are now likely to see for a while. But ultimately it has brought a sense of calm to the market. Some might even say that this is more representative of a “normal” marketplace, it’s just that we haven’t seen it like this since 2019 and it is very easy to forget how the market usually looks. The calmness shouldn’t be mistaken for a property crash though, despite mainstream media wanting us all to believe this. You know you will always have an honest opinion about the local housing market from us, perhaps too honest!
Some property prices find themselves readjusting slightly but there aren’t currently any signs of any major changes to house prices in York. Rightmove’s House Price Index reported average house prices in June had seen the first price reduction of the year so far, by only £82!
Even though properties may be taking longer to sell than the last three years due to buyer caution as a result of the increasing Bank of England Base Rate, sales are still being agreed and completions taking place! The general housing market is very price sensitive at the moment and we are seeing this in York as well. It is the more accurately and realistically priced homes that are attracting buyers, generating excitement, higher levels of interest and subsequently offers.
Sellers should consider their marketing price carefully before listing their property as usually the first couple of weeks of a new property launch bring the most interest and you don’t want to damage the prospects of your sale by pricing your home incorrectly at the beginning of the process.
Alternatively, If you are thinking of buying a property this year, it is definitely worth spending time getting to know the local estate agents and getting on their radar as being a good and proactive buyer. If they send you an email about a property, send a quick reply and maybe some feedback on what your thoughts are about the property. The more feedback you are able to provide to the estate agent the more it helps them find the right property for you and stops you from missing out on your dream home! Properties are still sold from mailing lists before they reach the open market.
We recommend keeping in regular contact with your independent mortgage broker as the lender’s products are constantly changing but don’t let the media stop you from being proactive in your search for the right home if you are serious about making that move this year.
The team at Indigo Greens Estate Agents are available to support you with your next move – give us a call on 01904 373044 or email sales@indigogreensyork.co.uk
We look forward to speaking to you soon!
Written by Simon
