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Mortgage rates rise

But activity holds firm

Average new seller asking prices have fallen very slightly this month by £82 to £372,812. This is the first monthly drop in new asking prices this year, and the first at this time of year since 2017. On average over the previous ten years we have seen an increase of 0.6% in asking prices at this time of year, indicating that buyer affordability constraints and more pricing realism from new sellers have brought forward the usual summer slowdown. There have been some significant increases in fixed mortgage interest rates over the last few weeks following stubbornly high inflation figures, piling pressure onto already very stretched budgets. These increases in rates and monthly mortgage payments may mean that some have to pause their plans for now. However, Rightmove’s latest snapshot of the market suggests the immediate impact on activity has been limited, with most movers determined to carry on if they can still afford it.

At Wilsons we can report that the number of buyers has remained steady despite some of the challenges currently facing the market. Sensibly priced properties are still selling well, but we’re now returning to more normal market conditions where homes are taking longer to sell, and buyers have the time and space to come back for a second viewing. We anticipate as yet unknown challenges in the second half of the year, but it is not all doom and gloom – we’re working with lots of people who are motivated to move and sellers who decide to price sensibly are still meeting with success.

By Chris Willey

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