Traditionally, October has always been a time of relative buoyancy for the property market, as many home-movers seek to action the plans that they might have shelved over the summer holidays.
This year, especially, the natural and predictable uptick in autumn activity has been palpable, and not least because it’s against the backdrop of a somewhat more subdued summer - something that soaring interest rates (and overall economic instability) helped put paid to.
Currently (and thankfully), interest rates appear to be levelling out, and with supply levels also on the return, a spring-board of restored confidence and greater choice has been created, from which the market can - with any luck – orchestrate its 2024 bounce back.
With 12% more buyers having returned to the portals since August alone, the market does already appear to be stabilising, and although house prices have followed the predicted trajectory of a 2% annual decline, the bigger picture does tell a much more optimistic story.
A story of (with any luck) softening market volatility and aligning supply and demand – driven in part, by the evolving ‘buyer style’ for which ‘marathon mortgages’ have become a significant hallmark.
These longer-than-the-average mortgages (with repayment terms of 35 years or more) are helping, among other strategies, to make monthly payments more affordable, and to soften the blow to first-time purchaser and second-stepper buying power.
Summary
All of this taken into account, it’s important to note that this particular season of selling opportunity – it’s not without its unique and often complex challenges. On the one hand, the modest dip in property prices has offered a much-needed boost to buying power, but the recovery is still shackled, to a significant extent, by the bane of still-high mortgage rates.
Thankfully, the trajectory of future borrowing costs does look set to be following a more positive path, governed in part, by the ever-improving health of the economy, overall.
For motivated buyers and sellers, these signs are all particularly encouraging, as is the still-relevant stance held by most industry experts, that the long-term investment potential of bricks and mortar prevails...even when examined through the lense of an unprecedented year, such as we've just had.
For more information on the current property market, or to register for updates and listings, please contact Braxton on 01628 674234 or email property@braxtons.co.uk