The lack of a material overvaluation in UK home values means mortgage rates rising to 4% are not, on their own, sufficient to result in UK-wide price falls.
Agents reporting average time from offer accepted to exchanging contracts has been growing over the past two years. This month hit a new record with 41 per cent of agents reporting average times stretching over four months.
A lack of any major over-valuation of UK housing – thanks to mortgage regulation – means the market is in much better shape to weather the economic challenges ahead than in previous economic cycles, but it’s not immune.
The number of new buyers registering per member branch in June seems to have echoed levels seen in the winter months, with more of a peak over spring. This is what estate agents would expect from a traditional market. Supporting this trend, the average number of viewings per property has fallen from 6.2 in April […]
Sales market conditions are strong by any measure, but there are signals that the impetus in the market is slowing, and more price sensitivity in the market will spell a slowdown in price growth during the remainder of 2022
Despite recent murmurings of an impending slowdown in the property market, figures our agents reported for May appear to show the buoyant market continues. Perhaps as a result, lengthy waiting times from offer to exchange remain.