The ‘New Normal’ isn’t so bad after all!
What a year it’s been for the property market! Interest rates have risen to 5.25%, we are still in the midst of a cost-of-living crisis, there are wars in Ukraine & Gaza, we’ve had one of the wettest years on record & yet Marcus Aldersons have had one of the best years for property sales to-date.
Despite a volatile year, hundreds of our clients have moved to happy new homes. To those who have successfully sold or bought new homes through us, this year we would like to say thank you for holding your nerve.
We would like to wish all our customers past & present, families & friends, the happiest CHRISTMAS & all our very best wishes for a happy, healthy & successful 2024.
LOOKING AHEAD to 2024
The Bank of England’s decision on 14th December to hold interest rates at 5.25% came as no surprise to the money markets, which are suggesting cuts next year. However, 3 out of 9 of the Monetary Policy Committee voted for an increase, & The BofE again said that if needed, it would raise rates to fight inflation.
This could mean that mortgages are possibly as cheap as they are going to be for the immediate future, but lenders must compete for business, & will in turn be influenced by the housing market outlook.
More importantly, it seems that activity will build as buyers & sellers get used to ‘New Normal’ interest rate levels.
There are signs that recent downwards trends are tempting buyers back to the market, as surveyors report that demand had rebounded to a level last seen in April 2022. First-time-buyers in cheaper parts of the UK may also decide that the time is now right. Equally sellers who have sat tight as they are not forced to move, may now be considering selling.
HM Land Registry statistics show that currently North Yorkshire Property values are 27.6% higher than they were pre-covid in March 2020.
We’re all very conscious of the ongoing media doom & gloom, but HM Land Registry suggest that in 2023 North Yorkshire property values have remained pretty stable & in fact show a 2.5% increase.
The ‘New Normal’ isn’t so bad after all…
