Across the country, millions of homes are facing financial difficulty in the cost-of-living crisis and I anticipate this will mean the housing market will slow this year as buyers – and builders – become hesitant at making large financial investments.
The dramatic rise in interest rates has left homebuyers with more expensive mortgage repayments and less purchasing power.
But currently, demand still outweighs supply, so even if mortgage rates stay high and put some more wary buyers off purchasing, any house hitting the market is unlikely to stay there for long.
In Northamptonshire, while buyer demand is down by a third versus last year’s buoyant market, it’s still up by four percent versus this time in 2019.
Plus, during a recession, though people may be wary of offering on your property, this does mean that any offers you do get are likely to be more serious. If someone is willing to offer during economic uncertainty then they are more likely to be serious about wanting to buy and, therefore, you’re more likely to sell.
So, it’s not all doom and gloom for the county’s housing market.
In the first week of 2023 the Belvoir team were the busiest they’ve been with home valuation requests since August 2022.
The activity we have seen in the first 6 weeks of the year, while unexpected and unusual, have been hugely positive.
Property prices are up year on year in Northamptonshire and average house prices have increased too. Last year, house prices in Corby grew by 14% and have increase by a staggering 33% in the past five years, according to Belvoir’s latest figures.
And if you are planning to buy a new home at the same time as selling your current property, then it shouldn’t cause you too much hassle.
Similarly, if asking prices come down, this will be positive for your purchase but negative for your sale. It’s all relative, and remember, property is always considered a good investment.
If you are keen to sell your home in 2023, call Belvoir Corby today on 01536 261666.
