Housing Prices
Now this is a very interesting subject. The headlines have been filled with doom and gloom for what feels like years now. It’s not exactly an uplifting experience reading or watching the daily reports these days.
Do you want to know what’s really going on in the world of mortgage and insurance brokers?
Well, let’s just tell you this January had been our busiest month of record. The property market in our experience is not slowing down. The property prices are not dropping, and people are definitely buying, selling, and renting properties like there is no tomorrow!
So, why is the fixation on the gloom? Better headlines we are guessing?!
It’s all very well us writing this article and telling you how busy we are what evidence can we use to support our experience?
I will use my own experience as an example. After a divorce and a financial recovery which seemed to take donkeys. I was lucky enough to step onto the crazy-priced property ladder last March. Since March of last year, my property is estimated to of gone up in value by 11%
Please see the details below
What I thought was a crazy bidding battle to get the property we loved. I had felt a sense of disappointment when it was then predicted that property prices were about to plummet in the headlines, but this has just did not happen. Our house was valued at £240 at the time of purchase, admittedly we did have to make up a shortfall to cover the price we bid to bat off the competition, but the fact remains that for a house to be valued at £240 in March of 2022, and now to be in an estimated range of between £270k – £298. Why? There is still a demand for homes, and with the end of the government help-to-buy scheme this year finding a house that is under the £300k threshold is a challenge. People are buying up what they can when they can whether that is for a property portfolio, a family member, a pension, or a first home. The demand to buy and sell is certainly out there. Demand will always drive the prices up.
Article written: January 17th, 2023
Please be aware the details of this article are appropriate from the time it was written, therefore any information given after this date may have changed.
Be aware that if you are unable to keep up your mortgage repayments you may lose your home. We are professional mortgage brokers with a joint knowledge of 75 years. Our advice is free, so if you have any mortgage-related questions feel free to drop us a line at: hello@mtge.uk