Brief Housing Market Overview
Obviously we are all aware of the property ‘’crash’’ of 2008, but how has the housing market performed since?
Prices have continued to fall and we are generally seeing them some 15 to 20 percent below the highs of 2007.
Mortgage lending has been heavily restricted although the financial markets are slowly getting better. The Bank of England base rate remains low at just 0.5% and, with a reasonable deposit, mortgages are being offered more freely at competitive interest rates.
Buyers are returning to the market, with 2012 showing the most transactions since the ‘’crash’’ and at Alan Kirkham it looks as though 2013 has started in the same way. Our policy of accurate valuations, sensible asking prices and comprehensive marketing will continue to offer homeowners a great opportunity to sell their property and we believe prices will remain relatively steady throughout the coming year.
Your Estate Agent can make a real difference to the saleability of your home if the job is done properly. Remember to check that your estate agent has relevant industry affiliations such as the National Association of Estate Agents and the Royal Institution of Chartered Surveyors.
If you have any questions about the housing market please contact us at your local office.
