Down-sizer? First time buyer? The time is now

Wherever you are on the property ladder, whether you’re a first time buyer or looking to down-size, our advice is to get your ducks in a row and make the move.

In this blog, we make the case for being decisive and taking advantage of the current market conditions, which for both buyers and sellers presents great opportunities - if you box clever and be realistic with your bargaining - and your property valuations. 

Interest rates - could the worst be over?

First off, let’s talk about mortgages and interest rates. The good news here is that with inflation now continuing to fall, the chances of the Bank of England having to resort to interest rate hikes to temper inflation is becoming less likely. Last month, interest rates remained unchanged at 5.25%, after a run of 14 consecutive increases with some analysts now suggesting that interest rates could start to fall by June 2024, and possibly even sooner.

Obviously, the biggest concern facing borrowers is having flexibility on their mortgage deal to be able to chop and change when market rates start to make a downward move.  It’s worth reminding ourselves that as recently as November 2021, mortgage rates were as low as 2%.

Already, some key mortgage lenders are offering very competitive rates on 2 year mortgages, with Barclays coming in at 4.76% (based on loan to value of 60%),  and Yorkshire Building Society 5.14% (loan to value 80%).

On 5 year deals, Nationwide is now offering a 5 year fixed mortgage rate of 4.43% based on a 40% LTV, while HSBC is offering 4.69% fixed on a loan to value of 60%, and 5.17% on an LTV of 80%. (Note: rates are continually subject to change and may be different at the time you read this).

The trick is to rigorously check the market for the mortgage deal that’s best for you.

Price your house to sell - not stick around

If you’re a buyer eager to sell, our advice, as always, is to place your house on the market at the right price. Holding on to a higher price could result in it staying on the market for months not weeks, and becoming one of those ‘oh they’re asking too much for that” properties.

Looking to downsize? Again, your first smart move is to get your house sold as quickly as possible with a realistic property valuation. Don’t guess it, or make a judgement on what you can see going on down the road, give yourself the best chance for success by making your property stand out as a genuine value for money proposition. The trick is to get viewers through the front door, not idly curious browsers. 

First time buyers - maximise your deposit, keep your credit status up to scratch

Arguably, the toughest part of the market is the first-time buyers sector where the biggest challenge is assembling that first deposit. If you’ve managed to do some judicious savings, or borrow from the bank of mum and dad, your other key priority is to keep your credit report in tip top condition. 

Selling to first time buyers also means taking an honest approach to the value of your property. Price it right and make it an attractive proposition and generate viewings. First time buyers will have little room for manoeuvre on big refurbishment or DIY projects, so making your home as ‘ready to move into’ as possible will also reap dividends.

How to make it happen for 2024

Valuation. Valuation. Valuation. Wherever you are in the market, the key to any successful move - upwards or downwards - is to get a proper valuation. At both our Holmfirth and Mirfield offices, our team have in-depth knowledge of property values and the wider context of the local property market. Our job is to get people moving into the right homes, at the right price, with minimal hassle. 

Call Oliver or Max today to arrange a free, no obligation valuation.
Call either Holmfirth on 01484 680600 or Mirfield on 01924 497801.