February 2024 is bringing a fresh breeze of buyers and sellers
With a greater sense of optimism in the air, lowering mortgage rates, and a compelling choice of properties to entice you, the UK property market is feeling good.
A new year always brings new trends, fresh ways of buying, interesting properties, and a fresh influx of homemovers. Now is a good time to open your mind to the endless possibilities.
Mortgage rates are falling below 4%
With sub 4% mortgage rates making a welcome appearance on the mortgage market, homemovers are excited and relieved. For many years, mortgage rates were unrealistically low, and this has created the perception that today’s rates are higher than they actually are. Mortgage rates will not in the foreseeable future return to super-low levels, and those who know this are making their moves and getting increasingly better deals. After all, you can always change your mortgage deal in a couple of years.
Homes finding new owners
More buyers means more sellers, and all bring their properties to the market at some point, for you to buy, or for them to buy yours. This hive of activity keeps the market buoyant at this time of year. Spring is just around the corner, and this is often one of the best times of the year to move thanks to longer days, and warming weather to enjoy viewings. If you decide to join the party, your agent’s database will be teeming with homemovers and may already contain the right buyer for your home.
New trends
Create your perfect work-from-home space by selling up and moving to your dream location. Making the most of your home’s equity by purchasing a buy-to-let investment or holiday let is still a very appealing option. First-time buyers can spend up to £600,000 with a 5% deposit thanks to the Mortgage Guarantee Scheme, which has been extended until June 2025. Sustainability, energy efficiency, compact living, and smart technology are also growing in popularity.
A settling market
If you are a buyer, better mortgage deals and solid pricing that represent good value put you in a good position to move, thanks to a slowdown in house price inflation in 2023. You will get a good price for your home if you are selling, and you will enjoy good value if you are buying. These are ideal conditions for finding a great property and settling down. When the property market feels calm, it makes for a more pleasant moving experience. With good guidance from an experienced agent, moving home does not have to be a stressful experience.
Inspirational properties
Sustainability and energy efficiency are blended with fun and functionality, defining your spaces but allowing them to feel connected. The growth of smart homes and smart energy, fitted with smart appliances, promises to make your life easier. Features such as glass roofs and glass-door walls, with modern, clean designs leading to homely outdoor garden spaces, even in compact homes, make for inspirational viewings. Architectural styles from every era offer space with style and a sense of timelessness with modernity in magical settings.
Get in touch to take a fresh approach to your new home search this February
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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