There is good news for buyers as the UK’s two biggest property portals report steady house prices and falling mortgage rates.
Spring is typically the busiest season of the year for estate agents with more people house hunting and more properties hitting the market.
This increased competition and activity generally results in a rise in average house prices.
However, Rightmove is reporting that “This month, new sellers haven’t been increasing asking prices, so prices have stayed pretty flat. The average asking price of a home in Great Britain is now £362,452, rising by just £14 (+0.0%).”
In a further boost, “mortgage rates are falling and product choice is increasing as the market continues to stabilise.”, according to Zoopla.
They go on to explain that “Mortgage availability has increased across all deposit levels. The biggest rebound has been for people with a 40% stake in their home, with 606 products now available, the highest level for three years and up from 484 in January.”
“There is also good news for first-time buyers, with 149 mortgages on the market for people with only a 5% deposit and 539 for those with a 10% one.”
These market trends are reflected in the high level of sales that we have experienced at Collier Estates so far in 2023.
*source: https://www.rightmove.co.uk/news/articles/property-news/house-prices-steady-feb23/
*source: https://www.zoopla.co.uk/discover/property-news/mortgage-rates-are-falling-and-choice-is-increasing/
