Spring is here, and before you know it, it will finally be summer. As each slightly warmer day passes, the property market becomes a little busier, but don’t panic—this is a good thing. If we believed everything we see in the news, you might be forgiven for not wanting to get out of bed, let alone move home.
House prices start to fall, and suddenly the world is about to end! The truth is that the property market is showing signs of resilience, but even more than that, proof of brilliance.
The fresh spring market
Spring is traditionally a great time to sell your home. More buyers get out and about as fresh for sale signs suddenly appear, giving the market momentum. Late last year, the market paused a little longer than usual for Christmas. But even in January, buyer demand looked promising, with the number of people contacting agents up by 11% compared with the same period in 2019. * People who wanted to move earlier are now returning to the market hungry to move, viewing a fresh choice of properties.
Stunning properties
The bar has been raised over lockdown, when many homes were given some very special treatment. This means the choice and standard of homes to choose from are better than ever. From innovative energy-efficient green homes to added features like balconies and glass walls. Neat and compact modern flats are also in vogue. It’s an exciting and interesting period in the property market.
House prices are at the right level
It depends on who you ask; house prices for some homes are not falling, but if they are, don’t worry! When sussing out the state of the property market, it’s important to put things in perspective. The average house price on the market rose by just £14 this month (+0.0%) from January to February to £362,452.* This means the market is stable.
While house price growth fell with prices in February, down by 1.1% compared to February 2022.** This is the first such decrease since June 2020, and it does not take a rocket scientist to fill in the blanks! During the COVID bubble, house prices were hyperinflated, and readjusting the market by letting off a bit of steam gradually couldn’t be more perfect.
It stops the market from boiling over and becoming chaotic, having a calming effect on the market. Not to mention, buying a home is now a bit more pleasant, and bidding wars are thankfully behind us, possibly replaced with a bit of bargaining power.
The housing market is in a good place!
House prices can sometimes not be as important as they seem to be in the news, but they give a good indication of the state of the property market.
Long-term growth
Property goes up in value in the long term. So do not worry about making a long-term investment in the home you want. Analysts predict house prices will ascend again in 2024.
Employment levels
Employment levels are pretty good, with many industries screaming out for more people. This creates consumer confidence when it comes to making a move.
Supply and demand
When all is said and done, there are more people looking for homes than there are houses. It’s simple economics and is the backbone to keeping the value of your home stable.
Browse our properties to see if you can find the home that goes beyond your property expectations!
Rightmove*
Nationwide House Price Index**