A Review Of The Key Trends In The National And Local Housing Market

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.

Got a question?

Want to discuss something more specific?
Request a call back with one of our negotiators.

Request a Call Back

"*" indicates required fields

Name*

View our privacy policy regarding website enquiries.

TPPUK

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.

Show More...

Related Post

Updates: 2 Mins Read

Honoured and Grateful: Celebrating Our Profession Recogni...

We are thrilled to announce that we have been recognised yesterday at the The Guild of Property Professionals conference held at the prestigious Qu...

Updates: 3 Mins Read

Williams & Goodwin The Property People scoop top Wels...

The Negotiator Awards 2024 in partnership with Zoopla – celebrating excellence in agency. Proudly supported by headline sponsor Zoopla, along with a

Updates: 3 Mins Read

Will Article 4 Affect Your House Price?

At Williams & Goodwin, we’re not just estate agents; we’re your neighbours and friends, committed to supporting property owners in ...

Kyle Whittaker
Jennifer Williams
I’m very happy with the service o received from Julia, Sam and the team. They took care to explain the process to me and were always happy to answer any of my many questions!
Amy Steele
Would like to thank all the team in Bangor for their support. Big thanks to Julia Goodwin for making the whole experience a breeze.
Katie Elise
Nice and helpful. Excellent
Hannah Powell
Alison Close
Claire Ridgway
Excellent customer service from Matthew and the team!
Matthew Fox
A great estate agent that go the extra mile to make sure our sale went through with no fuss or delays.
Anne Grossett
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.
art-logo google-logo
Customer Reviews 5
Based on 1064 reviews
English