It’s early into the new year, but the market is already seeing some signs of positivity in the first few weeks of the year.
We reviewed Rightmove’s monthly House Price Index which is the most up-to-date monthly data on asking prices in England, Scotland and Wales.
Their January 2023 report showed the average asking price of a home in Great Britain rose by 0.9%, to £362,438 and, the number of prospective buyers contacting agents is up 4% compared to the same period in 2019, and up by 55% compared with the two weeks before Christmas, the biggest New Year bounce since 2016 after the extended lull at the end of the year.
On 5th January, the number of people sending a request to an estate agent to value their home, typically the first step for a future seller, was the third largest on record, an early sign of market confidence. This is great news for the market and is a good indicator that we will see a quicker return to a more normal level of activity. As mortgage rates start to fall and inflation moves under control, we’re likely to see an uptick in demand from those who’ve taken a long-term view to investing in their next home.
Rates Trimmed As Lenders Battle For New Business
Lenders are continuing to take a knife to their fixed rate mortgage deals as competition returns to the market. Large lenders continue to reduce rates and create innovative products.
Among its new offerings, HSBC announced a 90% loan to value five-year fixed rate with no fee and £500 cashback for first-time buyers at 4.94%. And Santander has reduced fixed rate mortgage deals across the board by up to 0.59 percentage points and tracker deals by up to 0.5 percentage points.
Lets discuss your mortgage
If you would like to discuss a mortgage on a new or current property, please use the Schedule a Call button or call and speak to our senior broker, Danny O’Keeffe today on 0208 364 3444.
