A Review Of The Key Trends In The National And Local Housing Market
TPPUK posted on 19th June 2023
–Blue skies and sunshine have put a smile on many faces in recent weeks. Conditions remain challenging, but improved economic forecasts are good news for the housing market.
–According to Rightmove statistics, Sales Agreed figures nationally are just 3% lower than 2019 figures.
Market Dynamics
Mortgage approvals and sales volumes in April remained subdued as prospective buyers continue to adjust to today’s interest rate environment. However, Zoopla report the volume of sales agreed in May was up 11% on the 2018–2022 average. Close to two thirds of sellers are confident they will sell their property within three months and 70% of prospective buyers expect to buy within that time frame (OnTheMarket). Surveyors remain cautious but are their most positive as to the state of play of the market since July 2022. Expectations over the next 12 months point to stable market conditions (RICS).
Consumer Confidence
Growth is now predicted for the UK economy in 2023, a significant shift in rhetoric from just a few months ago. While still cautious, consumer confidence continues to rise, registering its strongest level for 15 months in May. An 11-point uptick in consumers’ willingness to make expensive purchases is a positive sign for the housing market in future months. The average price of a five-year fixed-rate mortgage is fluctuating just above 5%. Inflation fell to 8.7% in April and falling energy prices are set to lower consumer bills in the coming months
First-time Buyers Return
Buyer demand for smaller and second-stepper properties is stronger than in 2019, with property choice perhaps influenced by tighter budgets. As rental prices continue to rise steeply, first-time buyers are returning to the market, helped by higher loan-to-value mortgage deals, and in some cases gifts or loans from family members. The volume of available properties for agents to sell has improved, boosting choice for potential buyers, but still remaining low by historic standards. Well-presented homes in popular areas continue to sell quickly, with sensible and realistically priced properties continuing to be in demand.
So, if you are looking to move in Gwynedd or Anglesey in North Wales then please do contact your local team of property professionals at Williams and Goodwin.
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Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.
Always polite and professional, helped with questions queries, great friendly service, would recommend
Christopher McNaught
Amazing service from start to finish.
Everything was fast and efficient from the offset, our house was sold within 72 hours of going on the market.
Would definitely recommend Williams & Goodwin for anyone thinking of selling their home.
David Creen
Very happy with the service they provide.
Chris Moore
Everyone I dealt with was extremely helpful, polite and cheery. Nothing was too much for them and they carried out any requests that were needed. Fantastic team.
KDP
I was recommended by a neighbour who had sold their house through Williams & Goodwin, after they’d used a previous local agent with whom they had little interest after one year. With W & G, their house was sold within a few weeks. The service was excellent and the staff very friendly and k...
Chris Squires
Dealt promptly and efficiently with each stage of the sale. Gemma (at the Llangefni office) was outstanding, an asset to the company.
Kyle Williams
Great company, quick service and all staff were excellent during the sale of our house.
Elin jones
Diolch i bawb yn Williams a Goodwin am eich gwasanaeth ac ymdrech i werthu ein ty! A diolch i Gemma yn arbennig am ymateb i phob ebost a galwad yn brydlon a cadw ni ben ffordd.
Diolch!
Scott D
During the purchase of our property. We dealt with the Holyhead branch. From our first viewings (not just the property we bought), they were very professional and dealt with all our enquiries fast and efficiently. Unfortunately, part way through our purchase, the sellers of the property we were purc...
Sara Hughes
I cannot recommend or thank Williams&Goodwin Holyhead Branch enough for their support and guidance as I bought my first home. From the friendly viewing accompanied by Jamie to the continued reassurance, communication and updates from Charlotte, the team were so approachable and professional thro...
