Sell your home with a property expert
With interest rates on the rise again, the impact this will have on the housing market has been a topic causing serious debate. This week, our Managing Director Tim Rickitt was invited by BBC News at Six and News at Ten to offer his market predictions.
Beyond the snapshot shown on the News, we thought current and potential clients would benefit from a more in depth insight into Tim’s view of the market based on three decades of experience of selling property. To that end, I sat down with Tim for a chat over morning coffee. Tim told me that the housing market has remained remarkably resilient over the past few years, despite severe economic turbulence caused by Brexit, the covid-19 pandemic and the ongoing cost of living issues. Indeed, the sector has seen growth with the average UK home value rising more than a fifth since mid-2020.
There is no doubt that renewed challenges are set to face the housing market in the next 12-24 months with The Bank of England increasing interest rates yet again in a bid to lower inflation and more rises anticipated into next year.
Obviously whenever interest rates rise, borrowing becomes more expensive, and so, Tim explained, it is inevitable that the housing market will be affected in some way, shape or form. However, he added, it doesn’t mean that we are heading towards a housing crash, but more of a gradual cooling and levelling out and, let’s not forget that, over recent years the housing market has shown remarkable resilience, defying predictions time and again.
Tim explained that a key factor in retaining a level of buoyancy in the market is the ratio of limited supply countered against strong demand. This supply shortage looks set to remain, especially with the government continuing to fall short of its annual new homes target, and so this will help sustain house prices at a level.
I asked Tim the million dollar question – is now a good time to sell your property? Tim’s advice was to understand your own particular circumstances, your reasons for selling and whether your next move will be a long or short term one. He also urges potential vendors to seek good advice – choose an estate agent with experience and a solid understanding of the market, both local and national as well as a good grasp of economics and the impact of fiscal policies on the housing market.
If you would like to speak to Tim about the possibility of selling your home please do not hesitate to contact him on 01244 322322 or firstname.lastname@example.org