The Current Climate
Lynne Lancaster, Head of Estate Agency at PFK looks at the current state of affairs in today's market.
The government's mini-budget weakened the pound and the result of that was that mortgage lenders immediately withdrew their fixed rate products. Nationwide immediately put plans in place for 'new' fixed rates however this obviously brought a rise and higher arrangement fees, and other lenders will follow if they haven't already.
As the number of attractive mortgage deals reduced it was not good news for those who were imminent to move and those with fixed terms due to end. This will alter buyers' budgets, especially those who were already stretching themselves, however it is important to note that whilst the number of viewings during the latter part of September reduced, the housing market is still moving.
Demand remains high and continues to outweigh the supply of homes for sale and we have seen the number of sales being agreed continues to be strong. This is down to correct pricing and it is also due to people wanting to secure a property and mortgage before rates rise further.
Property sales will continue to happen as they do in any market because people still need to buy their first home, upsize, downsize, or relocate. The point to remember is that if you are currently on this journey you are speaking to your agent, mortgage advisor and solicitor in order to make sure everything is on course for exchange & completion.
PFK are RICS regulated and have been established for over 145 years. If you're thinking of buying, selling, renting or letting, speak with one of our friendly experts today, we'd be more than happy to help.