Base rate rises have effect on market – but sales are still being agreed!
Have the Bank of England base rate rises effected activity and house prices? Absolutely. Are properties still being sold? Definitely.
There is no doubt the cycle of interest rate rises that started in the summer of 2022 have adjusted the market. Higher mortgage payments will have an effect in many ways including bringing people to the market looking to downsize and making families hold of on their moving plans.
Is the housing market dead at the moment? Not at all. Our Gorleston office is about to record their strongest month on new sales since summer 2022. This has been achieved by working hard with our vendors on marketing and pricing strategy whilst proactively matching buyers and sellers.
How does the market compare to post credit crunch 2008? – At the moment it is stronger. Banks are still keen to lend but at higher rates. Mortgage availability is good.
Still time to move in 2023. If you are thinking of selling give us a call!
New Starter in Gorleston Office!
A big Aldreds welcome to Louis Sansom Williams who has joined our team in Gorleston office.
Louis is brand new to estate agency and is joining us as a trainee. In the two days he has been with us he has made a flying start and is showing great enthusiasm!
All the best Louis!
Good luck for the future
All the best for the future to Bronwyn Moxey who is leaving us for pastures new. Bronwyn joined us during the pandemic and worked in both rentals and sales departments in Great Yarmouth office. We wish you the best for the future! New starter pending! Watch this space!
Pressure on government over stamp duty.
An influential group of MP’s are putting pressure on the government to raise the threshold for stamp duty even further.
The Conservative Growth Group calls it an unfair tax and calls for it to be scrapped for most occupied homes but not second homes and investment purchases.
Stamp duty currently starts at £250,000 for all buyers except first time buyers where it starts at £425,000. This means that first time buyers in this area are already unlikely to pay stamp duty.
Holidays in the UK?
It’s that time of year again when we start thinking about our holidays in the spring and summer months to come. With an ever increasing desire to holiday in the UK rather than travel abroad, we sell many properties of all types to buyers looking for either a holiday home for themselves or a property to let out in the popular short term holiday letting market.
We offer a diverse range of properties suitable for holiday use. From rural cottages, to holiday restricted bungalows and holiday chalets. Some for as little as around £30,000.
If you are thinking of purchasing a holiday home in East Norfolk or North East Suffolk give us a call today!
Inflation falls to lowest level since summer 2022.
Better inflation news today with the overall rate dropping to 8.7%. Still very high relatively but heading in the right direction. The government want to half inflation by the end of the year (5%) and some forecasts predict it may even be 3% by Christmas.
Falling inflation should probably mean the cycle of interest rate rises we are seeing should be drawing to a close giving a clearer outlook to the housing market moving forward.
Introducing Michael Adderley – Joining the team in our Lowestoft office.
A warm welcome to Michael who has joined us and is working out of our Lowestoft office.
Michael is new to estate agency and is joining after a career in hospitality. Although still a trainee Michael has already been engaging with our customers in the short time he has been with us. He has really taken to carrying out viewings securing an offer on his first one!
Everyone at Aldreds is delighted to have Michael with us!
100% Mortgages are back!
In an amazing development for first time buyers, Skipton have announced that they will offer 100% mortgages.
Applicants must be first time buyers and have been renting a property and paying household bills 12 months of the last 18 months. There are other criteria to meet as well
We can introduce you to mortgage advisors who can advise you on this product.
If you are a first time buyer in rented accommodation looking to buy your first house call us now! 01493 664600/844891 or 01502 565432
Counting down to the coronation!
The bunting is starting to go up in our offices ahead of the coronation a week on Saturday! Is everyone looking forward to two bank holiday weekends in a row?
Market appears to have found a level.
We have noticed activity in the housing market become generally more consistent and normal over the last eight weeks. More mid and higher range properties are selling and interest in properties has picked up generally.
Price is still the key to creating the level of interest needed. There is now more competition than there has been over the past few years with viewers able to see numerous properties before making offers. Getting your property in the right price bracket is essential.
As the economy has become more predictable and as mortgage rates become less volatile buyer confidence has started to return. There are a lot of indicators that 2023 may be a year where the housing market recovers and regains some momentum.
