Due to the cost of living and mortgage rate rises, rural properties which were much sought after during the pandemic are reportedly no longer in demand. The trend could now be a for buyers to move back into towns and cities where they work and where house prices may not have increased as substantially as those in rural areas
If this is the case, smaller properties could now well be back in demand as people look to potentially downsize due to higher mortgage rates and the cost of living leaving people with small change at the end of each month.
In addition, we are yet to see the full impact of the recent temporary stamp duty threshold changes announced in September and the reported stabilising of the mortgage interest rates. We are also mindful a lot of peoples fixed rates come to an end next year and we would remind people that they can usually shop around up to three months in advance of the end of a fixed term. Our advice to our clients is to not bury your heads in the sand but to take control of the situation as far as you are able in the New Year and our dedicated team are here to help with any property queries. We can assist with advice in relation to all your property needs such as downsizing, remortgages etc.
There is no doubt early 2023 will be challenging as potential buyers put their finances in order but there are positive signs that the impact of the cost of living crisis and mortgage rates increase will not lead to a market experienced in the last recession.