An increasing number of house-buyers are now being tempted back to the market with major banks cutting rates on hundreds of mortgage deals. The cost of fixed-rate mortgages also began to drop as buyers leave behind the eight interest rates of 2022.
The National Association of Property Buyers (NAPB) say that those looking to secure a property are “now benefitting from a more balanced market, for the first time in years”. With the recent slowdown in the housing market, this means that there is more room for negotiations when it comes to buying property – this is also very enticing for purchasers.
According to Rightmove, demand from buyers rose by 55% this month, compared with the two weeks before Christmas. The number of prospective buyers contacting Agents is also up 4% compared to the same period in 2019 – this is the biggest New Year Bounce since 2016 after the extended lull at the end of the year.
David Phillip commented “owning property is still in most cases cheaper and more desirable than renting and the house price rises that we have seen since the pandemic were always going to be pretty unsustainable. The market is now returning to the normality of 2019 and buyer and seller confidence is now starting to return to the property market”.
“if you are considering selling your home, it is key that you price your property realistically but competitively – at David Phillip Estate Agents we have been voted as having 100% sales valuation accuracy on the All Agents web site”.
David Phillip FRICS is currently undertaking free market appraisals for anyone looking to sell – call for information on 01134 676 400 w:davidphillip.co.uk 86, Leeds Road, Bramhope, Leeds, LS16 9AN.
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in- Wharfedale & Otley.
