The Housing Market – Where are we now? – by Jo Anderson, Senior Associate.

There is a significant amount of negativity surrounding the housing market currently. Whilst this is a worrying time economically it is important to consider the positives whenever possible.

As a solicitor who has undertaken conveyancing work for almost 17 years, I have seen my fair share of housing market highs and lows. From the catastrophic impact of the 2008 recession, to the thriving buoyancy created by the stamp duty holiday in 2020/2021 during the pandemic. We ride the waves and hope that the market might stabilise for a long enough period for us to catch our breath.

However, these extremes are sadly now more frequent, with the aftershocks of the recent economic disruptions creating a significant rise in interest rates and the overall cost of living.

There is without doubt a huge feeling of uncertainty. Whilst house prices are seen to be lowering, they remain just out of reach for numerous perspective buyers primarily due to rising costs creating a significant affordability brick wall.

The housing shortage adds another layer of concern. The government is driving the creation of new properties to meet their agenda of tackling the housing crisis, however their affordability remains questionable.

First time buyers are once again struggling to get so much as a little toe on the housing ladder with the government supported ‘Help to Buy’ schemes ending with no extensions or alternative support available. Contrast that with the rising costs in the rental market and the phrase “stuck between a rock and a hard place” can be heard far and wide.

But its not all doom and gloom. Whilst it may feel like the housing market has had the breaks applied, when compared to the recent immense surge during the pandemic, perhaps the current flow of sales and purchases is affording the housing market a much-needed deep breath. An opportunity for a reset. A pace that allows buyers to take the time to thoroughly investigate the property they are to invest their hard-earned funds in without the crushing pressures of bidding wars. Where short term higher interest rates can lead to longer term investment strategies due to carefully considered financial advice.

Through the ups and downs I have always observed the resourcefulness of sellers, buyers, and investors alike. The recognition that property remains a sound and solid investment is unwavering. With quality financial and legal advice, you should not be deterred from pursuing the option to buy or sell in this market. Yes, this is a difficult time economically, but as seen many times before, the situation always improves. We need the lows to reach the highs.

Our highly rated residential property team has a wealth of knowledge and experience in dealing with both freehold and leasehold properties locally, regionally and nationally. If you are thinking about buying, selling, remortgaging, or transferring a property and would like a quote from one of our property experts at Darlington and Northallerton, please visit our website for an instant online quote,  give our team a call on 01325 281 111 or 01609 765 765, or send an email to enquiries@clarkwillis.co.uk.