Spring property market forecast - it’s looking good
In our spring residential property market review we reveal the good news that the regional market is more buoyant than we might have hoped for after the economic events of last autumn. Buyers are looking for value for money but the key thing is that there’s healthy underlying demand. Read more….
After last autumn’s economic turmoil and the combined effects of rising energy prices and interest rates, we’d all been bracing ourselves for a subdued start to 2023.
However, there’s clearly strong underlying demand in the marketplace, coupled with a shortage of supply, which has led to much more buoyant market conditions. The latest house price index from Rightmove shows asking prices in West Yorkshire up year-on-year by 8.4%.
Admittedly, the price increase from January to February has been the smallest on record but, given the context of high inflation, and low consumer confidence, industry experts are seeing this resilience (against all the odds) as a positive sign for the year ahead.
It’s also a sign that vendors are listening to estate agents’ advice and placing their properties on the market at realistic values. This is so important, especially at times like this, to ensure that your property is not the one that’s just sticking around - attracting the viewings but not landing that ‘sale’.
For first time buyers, the increased cost of borrowing and the rising value of entry level properties may mean they have to save longer for a deposit, or search for a home outside their preferred location. That said, the surge in rental costs is driving demand at the first time buyer end of the market, while the upper end is showing slower movement.