Once again the Bank of England base rate is to remain the same but what does this mean for the property market?

In our professional opinion, with interest rates not changing and the mortgage rates stabilising with very little change we predict that the new year is going to see the property market come back to some normality after what has been a challenging time for home sellers. Due to the previous changes to the base rate there have been very few buyers in the market meaning that homes are taking longer to sell, and therefore we have seen the house prices drop. 

But this could all change. January is usually a busy time for the property market with lots more buyers looking to move house after the festive period and with the news today that the base rate is remaining the same we imagine this could be busier than normal. 

We already have a higher number of properties ready to launch on boxing day compared to previous years and this is just one sign that we are looking at a better year for both sellers and buyers a like. More property available to buy, and more buyers looking for their next home will mean a more stable market. 

Does this mean house prices will go up? House prices are determined by buyer demand, this year there has been low buyer demand meaning that houses have had to be priced accordingly to attract those that are looking but when more buyers enter the market and it becomes more competitive we tend to see house prices rise (like we did in 2021/22) 

If you are looking to buy a home in the new year then act before the buyer demand kicks in! 

Looking to sell in the new year? Get in touch!