Green Shoots of Spring -
Looking Towards a More Stable Housing Market
Spring has finally arrived and with it the Spring budget with good news for the property industry as we expect a national levelling off house price growth in the next few months to help with the gap between supply and demand, which will benefit all of the housing market and slow inflation.
As expected, the Bank of England made a small interest rate rise this month, which signals that the property market has remained resilient. This increase to 0.75% will return us to the level of March 2020, and hasn't deterred the many applicants and buyers who are actively looking with us .Building societies have seen a record number of mortgage applications over the last 3 years and according to Rightmove House Price Index the number of new sales agreed within the first 2 weeks of being on the market in 2022, was at 47% which is twice as high then it was in 2019.
What does this mean for West London?
Kerr and Co have seen an increase of over 60% on the numbers of offers accepted since January 2022 and although there is still a shortage of stock, we have seen a substantial rise of valuations as COVID restrictions have ended and owners feel more confident opening up their homes to viewings.
We have seen a return to the traditional factors driving vendors to move such as the change of schools, change of personal circumstances and many returning to their place of work once again thus keen to find a home closer to transport. In addition, we have seen a growth downsizing, with many clients opting to take early retirement or reduce their hours; and also, an increase in upsizing where life after the pandemic has opened new avenues for the 50 plus professional.
Of course, Spring is usually the busiest time of the year for the property market and since February half term we have been seeing intense activity and more new properties coming onto our books. Demand is still outstripping supply, with conditions currently weighted very much in favor of sellers. With 30 years' experience in Shepherds Bush and Hammersmith, Kerr and Co provide a bespoke service offering one to one support throughout the process.
If you are moving in this challenging market, being able to qualify and identify your next home comes with experience and good estate agency advice.
If you're thinking about selling or renting now is a fantastic opportunity to market your property, our office is open and our website is updated daily as to the property portals. If you would like an informal chat, we would be delighted to help to guide you on your next move.
Please contact me or a member of our sales team on 0208 743 1166 or email us firstname.lastname@example.org for a conversation on how we can help you with you next move
0208 743 1166