Residential Property Quarterly Reflections and Insights
The latest quarterly report from the ASPC gives a reassuring picture of local market activity, with the house price index remaining, mostly, in the positive. The change in quarterly price is +1.5%, while the annual change is -0.5%. Taken over five years, the index is marginally positive at +0.4%. While the figures are reassuring, it may well be that our local market is yet to feel the strain of the general economic background and only time will tell whether this will be reflected in the remainder of 2023. Buyers’ wariness over the short term may well affect property sales as they effectively “sit tight” to see what happens with interest rates. This may result in a sluggish Autumn/Winter market as moving plans are put on hold, but for the moment, there is still healthy demand for properties in desirable locations and in good condition.
If you are considering a move or would like any further information, please contact our Property Team or call 01224 868687.