Monthly Property Market Update
Hello
Welcome to our monthly Property Market Update.
The four day Jubilee Bank Holiday weekend will be a great opportunity to take some time off and relax. It's also the perfect time for anyone thinking about moving house to make plans and take decisions...
Whether you are thinking of selling or buying there is plenty going on in the property market in and around Attleborough and across the UK that you should know about. Likewise, if you have been on the market with another agent for a while or are perhaps getting frustrated at not finding the ideal property to buy, we're here to help you find the best route to set things right.
Sellers
The latest industry-leading research from Rightmove has revealed that property prices are higher than pre-pandemic levels for a fourth month in a row. The figures are substantial, with average asking prices having gone up by £55,000 in the past two years as opposed to a rise of only £6,000 rise in the two before the pandemic.
This 24 month price growth in real terms has never been matched in more than twenty years of Rightmove tracking prices. The latest monthly increase of 2.1% is also the highest at this time of year since May 2014.
Potential sellers should also note that Rightmove has found 53% of properties are being sold at or even more than the full asking price. This is yet another highest level record for the UK property market.
Buyers
Although a rise in property prices is of interest to buyers, perhaps more important is the fourth successive interest rate rise from the Bank of England.
Although some commentators think this will ease activity in fact the reverse could well be true, as the continuing demand from buyers outstrips the supply of homes for sale, ensuring competition is high and values remain strong. As well as local residents looking for a new home, we’re continuing to see a huge amount of interest from buyers looking to relocate to Attleborough from larger towns and cities for a better quality of life.
With this in mind, there is little point in putting off plans to buy if prices continue to rise and interest rates look like going higher too!
Rightmove data tracks the impact of rising interest rates and has found that currently interest rates still remain low in relative terms, meaning mortgage payments are only 11% higher than in 2012 while rental payments are now 40% higher ten years later.
In fact rents are currently rising at the fastest pace that Rightmove has ever recorded, making it even more desirable for first time buyers to get their foot on the home ownership ladder.
At Millbank Estate Agents we pride ourselves on our local knowledge and experience. We're also proud to have scooped the top prize in the most important national awards in our industry too!
This year we've been awarded The Guild of Property Professionals 'Brand Ambassador of the Year' at the annual awards ceremony in London. Presented to our owner Tony Beales and Residential Sales Manager Donna Vincent by TV Celebrity Kirsty Gallagher, this prestigious national award recognises outstanding marketing over the last 12 months.
Contact us by phone or in person by popping into our offices on Exchange Street, Attleborough and find out how we can help you.
Enjoy the Bank Holiday weekend and let's hope it's the start of a great summer.