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.
Free Instant Valuation
Are you looking to sell or let your property? Take the first step and find out what your property is worth with a free no-obligation instant valuation.
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.
Kerry Hodgson was our agent from start to finish during our house buying process, and she was absolutely brilliant throughout the whole thing. Her responses were pretty much immediate, she was always there for us to answer any questions we had and was always super friendly. She made us feel so at ea...
Vicky Jenkinson
Charlotte Roberts - Property Specialist, was allocated to support us with our house purchase. From the start of our journey in buying our chosen property, right through to the final signing of papers, Charlotte was there supporting and guiding us through all the way. Charlotte has been absolutely ...
Tim
Excellent service from beginning to end. We purchased our first home through Williams & Goodwin and Julia was amazing at ensuring that the whole process went smoothly. Great communication, friendly, polite and highly proactive in making sure that the conveyancing process went as smoothly as poss...
Ian Murdoch
Having never previously sold a property through the Auction Process at first I was very hesitant, but my fears were short lived. Vicki James from the Llangefni office was most professional in all areas including fully explaining the Auction process, formulating the guide / reserve price, keeping me ...
Phil T
Williams and Goodwin Holyhead to sell two properties. Found the service to be professional and friendly. The latest sale was handled by Charlotte who was extremely professional and committed in ensuring the sale completed. I will certainly use them again and would not hesitate in recommending them.
gary hughes
Very good and effective process with excellent communications. Would recommend without hesitation.
Don Brocklehurst
Excellent and professional service from Cai who found us exactly what we were looking for. Also thanks to office staff who helped with admin. Thanks.
anthony adams
mark jones
Very happy that we chose Willliams & Goodwin manage our long term let, Anton & team have been extremely professional throughout the process, even when things didn't go as they should with nightmare tenants. Also glad we took up there advice with Landlords insurance.
Ahmed Ali
I've rented the property through Williams and Goodwin, and I must say, the entire staff has been incredibly helpful and professional throughout my tenancy. Specifically, Mr. Anton stands out for his exceptional assistance with maintenance inquiries. Overall, a highly commendable experience with the ...
