Leading property website Rightmove sends us monthly reports and as we approach the end of the first quarter of 2018, their findings suggest price rises are likely in some parts of the country but at the same time warns sellers that buyer affordability is being stretched.
It remains to be seen if this month’s eleven year price rise high for March is a catch up anomaly after two more subdued price rise months, or an early sign of price pressure building up a real head of steam as we enter the spring market. Either way, sellers need to be mindful of increasingly stretched buyer affordability, and the more they increase prices the more buyers will hit their ceiling on the amount they are able to save for a deposit and borrow for a mortgage. There does however still seem to be potential price headroom in parts of the country, especially in some of the regions in the north, and in the more mass - market sectors. However, sooner or later higher prices tend to mean fewer people can afford to move, and that is one of the factors keeping the annual rate of increase subdued at 2.1%.”
As the market enters a period of seasonally higher demand, there is a heady mix of a busy time of year, pent-up demand, and shortage of suitable property supply in parts of the UK. Upwards price pressure is also being driven by savings in stamp duty for the vast majority of first-time buyers, keen to purchase before those savings are swallowed up by price rises. Ironically a sense of urgency to buy is also present from the speculation that another interest rate rise from the Bank of England is on the cards soon. Buyers who apply for a mortgage before interest rates rise should be able to borrow more cheaply.”
Wilsons see red
No, despite the ‘Beast from the east’ and a general shortage of new instructions to present to our many would-be buyers, nothing has upset us - we’ve designed a new Wilsons logo and replaced the green trim in our branding to red They say a business should ‘tweak’ its image from time to time and, having experimented with a few variations, we’ve made some changes which we hope will turn a few heads. The most noticeable will be our newly designed For Sale boards which you’ll see popping up in and around the town in the very near future.