Market update
We live in challenging times. The anticipated falls in the rate of inflation have been slower to materialise than predicted and the Bank of England has had to continue to pull the only lever it has to try and curb these pressures by raising the base interest rate.
The Bank is walking a tightrope in not driving the economy into recession whilst trying to reduce inflationary pressures.
The effect on the property market is one of an understandable increase in uncertainty which in turn is seeing prospective buyers and sellers exercising their discretion with many choosing to sit on their hands until things settle down.
Affordability has been significantly hit with mortgage rates having risen although it is important to note that less than half of owner occupiers have a mortgage at all.
Property prices and transactional volumes are both down in 2023 but nowhere near as significantly as some of the doom mongering press would have us believe.
Prices have reduced back to the levels seen in 2019 and transactional volumes, whilst down, are currently running at a rate that is close to the average of the last ten years. In the post covid lockdown period we saw a very buoyant market bolstered by Government intervention on stamp duty. This instigated artificially high transactional volumes for a period and brought forward many people’s home moving plans.
Pricing sensibly is one of the keys to successfully selling in today’s market and obtaining experienced professional advice is clearly key – we have decades of successfully selling property in Torquay and have seen markets ebb and flow. The long term prognosis is positive, there is a significant shortage of property in the UK with house building in general below levels needed to satisfy demand across all levels, its just the journey currently being travelled remains potholed, bumpy and a little more uncomfortable than we would all like at the moment.
We are here, at the end of the phone, if you would like to chat to us about your property aspirations.
With kind regards.
John
Call, email or write to us at our office in Wellswood.
We will be delighted to answer any question or provide information on our beautiful town and surrounding area.
John Couch The Estate Agent43 Ilsham Road
Wellswood
Torquay
Devon
TQ1 2JG
Telephone: 01803 296500
Email: [email protected]
Normal Opening Times
Monday - Friday: 9:00AM - 5:30PM
Saturday: 9:00AM - 12.30PM
Viewing out of hours also by appointment.
(We are closed Sundays)
Or if you prefer, please fill out the form below, we will send an answer to your e-mail box.
