2024 is here, Happy New Year! January is a month that always brings with it a sense of fresh starts and new beginnings. It’s a time when people embark on journeys of change and transformation, and for many, this involves planning a move and finding a new place to call home.
It’s no secret that higher interest rates and falling price predictions have caused challenges for buyers and sellers over the past fourteen months. But, more recently, three pieces of financial news have brought renewed optimism to the market, making now the perfect time to list your property.
A year ago, in January 2023, Prime Minister Rishi Sunak pledged to halve inflation by the end of the year. A recent announcement confirmed that CPI inflation has fallen from 10.7% to 3.9%. This good news means that bricks and mortar have become more attractive investments.
While that may be so, at Penfolds, we still firmly believe that our business is more about people than property. We sell homes, not houses; and a home will always be worth more to the right buyer. With thirty years of combined experience, we can recognise a purchaser’s circumstances and buying signals. Combining this with our complex negotiation skills means we can find your perfectly matched buyer.
The Financial Times recently reported that it’s only a matter of time before borrowers see the emergence of a sub-4 per cent mortgage rate following a fall in Swap rates. Lower mortgage rates will undoubtedly see new buyers keen to find their new home. As everything funnels upwards, this will increase demand and support the value of your property.
The U.K. currently has one of the lowest unemployment rates in modern times. Job security is a critical driver in motivating your buyers. If a potential purchaser has confidence in their ability to earn and sustain an income, the decision to move and borrow money will continue to be led by lives transitioning, needs evolving, and dreams taking shape.
At Penfolds, we believe every successful property transaction starts with a conversation. As independent estate agents, we’re not bound by a nine-to-five culture, so we’re ready to chat at a time that suits you. If you’re planning a move, give us a call and let us help you make that a reality.
