National Conveyancing Week – The current Residential Property market by Faye Edemenson

This week marks the first inaugural National Conveyancing Week, so we at Clark Willis thought we would bring you some helpful information about the current housing market and the way we can help prospective buyers and sellers.

It is no secret that house prices boomed during the pandemic, due to the imbalance between supply and demand, with many more buyers than properties available on the market. Prices increases now appear to be slowing to a steady rate, as supply levels return to more normal levels, up 60% from a year ago. This means buyers now have more time and opportunity to ensure they find the right property for them.

Whilst the Bank of England base rate is now at 4% (3.5% higher than 12 months ago), mortgage rates are dropping. This welcome fall in mortgage rates has seen typical costs of two-year and five-year fixed rate mortgages decrease back to where they were in October 2022, despite the Bank of England base rate increases since. There has also been a rise in the number of mortgage products on the market, with more than 4000 products said to currently be available. This will be a refreshing change for those looking to remortgage or buy a property.

Recently released statistics show that freehold houses remain to be the most sought-after property for buyers across the country. However, the popularity of leasehold properties has grown hugely in recent times, with more than 30% of buyers now looking to purchase an apartment.

Our team has a wealth of knowledge and experience in dealing with both freehold and leasehold properties, so whatever property you have fallen in love with, Clark Willis can help you, from the moment your offer is accepted, to the moment the keys are in your hands.

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 give our team a call on 01325 281 111 or 01609 765 765, or send an email to enquiries@clarkwillis.co.uk.