MarketTrends | Hausman & Holmes

See the below article on Sky News:

The housing market appears to be on the up, following a slump last year, and many lenders have begun cutting their mortgage rates.

House prices have risen for the third month in a row, according to new figures from Halifax.

The bank said the average cost of a UK home was £287,105 in December. The figure is up 1.1% from the month before and is also the highest level since March 2023.

Halifax’s director of mortgages, Kim Kinnaird, said the market also beat expectations in 2023, growing by 1.7% on an annual basis.

It comes after several high street names reduced their rates earlier this week, with experts predicting other lenders will soon follow suit.

Imogen Pattison, an assistant economist at Capital Economics, said Halifax’s figures “confirm that falls in mortgage rates are translating into renewed increases in house prices”, with rises expected to continue in the first quarter.

She added year-on-year house price growth could increase by 3% in the third quarter.

Alice Haine, an analyst at Bestinvest, said: “While house buying activity was sluggish in the second half of 2023 as many movers put their buying and selling plans on pause while they waited for conditions to improve, the new year has delivered fresh optimism for the year ahead.

“With inflation on the retreat and mortgage rates on the decline from their summer 2023 highs amid hopes the Bank of England (BoE) will push ahead with rate cuts this year, confidence appears to have returned to the market.”

Read the full article here on Sky News

Check out this article from Rightmove – Five reasons why it’s a great time to sell

The autumn property market remains hot. This month, we’ve seen record asking price rises across every region of Britain and for every property type, from first-time buyer homes to family houses. This ‘full house’ is an extremely rare event, happening for the first time since March 2007.

So what does this mean if you’re thinking of moving? With all this going on, you might think it’s best to wait. But here are five reasons why this could be the perfect time to sell.

1. You’ll be putting your home in front of a record number of potential buyers

There are more people looking to move than the number of homes available to buy, and it’s a hugely competitive market, so sellers have the best chance of finding a buyer this year than at any other time in the past 10 years.

2. There’s a good chance you’ll get the best price for your home

Asking prices have hit record highs this month, so if you’re thinking of selling in order to make a move next year, it’s a great time to arrange a property valuation from an estate agent. You might discover that you can sell your home for a lot more than you bought it for, even if you’ve owned it for just a year or two.

Now is also a great time for homeowners looking to sell and cash out if you’re downsizing, or don’t need to buy another property.

3. Your budget for your next home might be bigger than you think

If your home is valued for more than you bought it for, the search for your dream property might start to look different. New possibilities that you may not have considered could start to open up, from locations you assumed you were priced out of, to homes offering more space, or a garden. And the good news is that we’re starting to see more properties coming to market this month, so fresh new choice is slowly growing.

4. You will become a ‘power-buyer’

With many homes being snapped up quickly and sellers having a choice of competing buyers, ‘power-buyers’ — those who have already sold their own property subject to contract or have nothing to sell — will have the most powerful negotiating hand when they eventually find ‘the one’.

Our property expert Tim Bannister says: “One agent’s analysis that 87% of their sales agreed were snapped up by buyers who were already in a position to proceed is fairly typical of reports from many agents. Buyers being able to prove they are mortgage-ready or have cash in the bank helps them get up the pecking order.”

5. Mortgage interest rates are still low

Mortgage interest rates are lower than ever and lenders are keen to offer mortgage loans in a competitive market. The window is open for movers who wish to sell and buy again before a likely interest rate rise, although it’s widely expected that rates will remain comparatively low.

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House prices ‘rise for third month in a row’ as buyer confidence increases

5 Reasons to Sell Now