Since December 2021, borrowing costs have been following an upwards trajectory, and homebuyers especially, have been left grappling in the tailwinds of this unprecedented and slow-burning economic storm.
The impact of this tightening cycle - one of the greatest of the last 100 years - has been far-reaching, and tomorrow the final tug on the drawstring is expected, in the form of the Bank of England’s last interest rate hike.
With a rise to 5.5% from 5.25% expected - the highest level since 2007 - it is uncertain to what extent the economy will cool, if at all, and policymakers are understandably on edge.
That said, there are certain nuances of the bigger property market picture, and indeed the economic portrait, which give experts reason to believe that the post-2023 outlook (while undeniably complex) might tell a very different story to the one that has dominated this year.
These crucial glimmers of hope include, but are not limited to, the marginal upturns that estate agents in some regions are noting in new enquiries and buyer choice, together with corresponding declines in fall-throughs and completion times.
In the coming weeks, the precedent for market activity will be set for the remainder of the year, but what this will look like, does depend to a large extent on regional factors.
In Maidenhead, the chances of an ‘autumn bounce’ still look likely, and there could be several reasons for this. Firstly, the town’s infrastructure and opportunities are a particular draw for first time buyers - a sector of the market which is compensating, to some extent, for the relative slowdown in second stepper and top of the ladder transactions.
As well, there have been marginal improvements in the last few weeks in mortgage fixed rates, which (combined with the back-to-school motivation boom and the incentive of a ‘new home for Christmas’) is boding well for a reasonably buoyant end, to what has been a year like we've not seen for a while... or will likely see again for some time.
For more information on the current property market in Maidenhead, please contact Braxton 01628 674234 or email property@braxtons.co.uk