September is here. So, it is time for us to bring you our Autumn Property Market Review for West Sussex and beyond. Read on for our market update.
September is one of our favourite months, not least because, just as one thinks summer is over, it often has more to give. And it seems the U.K.’s property climate is showing similar resilience. Despite endless media stories over the last six to twelve months of a cooling market and falling prices, sales remain buoyant nationally and locally.
We may be amid a cost-of-living crisis, but economic uncertainty isn’t deterring people from wanting to move house. Indeed, in some circumstances, it is the driver behind the decision, particularly for those hoping to downsize. In short, if you want to sell, move, or start on the property ladder, there are still many reasons to be optimistic.
Sellers should take heart that your buyer is out there; we continue to see unprecedented demand from out-of-the-area purchasers. As we all adjust to post-pandemic life, buyers continue to search for homes that will allow them to work remotely, at least for part of the week. And West Sussex is the perfect location to attain that work-lifestyle balance.
There’s no doubt that the buyers we’re seeing are committed purchasers. Many have a stronger sense of urgency to find a property sooner. This, in some cases, stems from a desire to lock in their mortgage at a lower fixed interest rate. And, of course, it’s important to remember that not every buyer requires a mortgage. A recent market report found that cash buyers make up just over a third of all property transactions nationwide.
If you’re hoping to buy, there is good news for you too. While interest rates may be rising, they are still historically low. And the Bank of England recently gave a boost to first-time buyers. They have announced the removal of the mortgage affordability stress test that might previously have prevented some borrowers who could afford a mortgage from being given one.
Of course, we have also reached the time of year when we start to hear the phrase “We’d like to be in before Christmas.” So, if you’re considering selling, now is the perfect time to list your home. If you’re wondering where to start, a conversation with us is the ideal way to begin. Contact us HERE.
