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How is the housing market currently performing?
As we approach the end of 2023, Your Move has put together an insight into the state of the current property market in the UK. What's happening to mortgage costs? Are buyers still looking for new homes? Keep reading on to find out more...
 
 
Mortgage Costs

It's good news for homeowners looking to remortgage in the near future as the affordability of mortgages begins to increase in the UK. According to experts, rates have been gradually declining and are expected to continue to fall. As of November 7th, the average mortgage rate for a five-year fixed agreement is 5.43%, with the lowest rate at 4.97%.* Some homebuyers are even saving circa £64 on monthly repayments since July.

 

If you are in need of some mortgage advice speak with our mortgage partners Embrace Financial Services who can access thousands of mortgage products and guide you through the whole journey.

 

Buyer Demand

Despite what some might be thinking, right now could be a great opportunity to start your property journey. According to statistics, Rightmove saw a massive 69% increase in visits from the 4th of December 2022 to the 9th of January 2023. This means your home could be seen by a flurry of new buyers looking to jump on the Boxing Day boom. So, why risk missing out? Book a property valuation with one of our experts today to be listed in time for Christmas!

 

Property Sales

The current market has lots of willing buyers and sellers ready to take their next steps on the property ladder in the UK. In fact, overall demand and sales have been on the up, as we see 34% more homes up for sale now compared to the same time period back in 2022. This 6-year high will mean there is plenty more choice for buyers to find their dream home. Find out how much properties are selling for in your local area by trying out our house price indicator. **

 

Boxing Day Boom

Don't miss the opportunity to benefit from optimal market conditions. With Rightmove reporting a 70% increase in buyers browsing on the 26th of December last year and 150 million site visits between Boxing Day and the New Year, you have a bigger chance of someone snapping up your home quickly.

 

If you are looking to find out how much your home is currently worth, why not use our fast and easy alternative to a valuation? Our online valuation tool will give you an upper and lower estimate of what your home could sell for in just 30 seconds! Get started by clicking here and we will list your property in time for Christmas.

 

*Rightmove
**Zoopla