After a worrying few months following Liz Truss’s premiership and mini-budget disaster towards the end of 2022, the New Year has seen a welcome bounce back for sales, lettings and mortgages.
Following two consecutive months in November and December of price falls for properties across the country, January has seen a rise on average of £3,301 in January which is being driven by high demand and still relatively low stock levels.
On 5th January, the number of homeowners requesting valuations from estate agents was the third busiest day on Rightmove records. Considering the number of years Rightmove has been operating, this is quite an impressive statistic and points to things heading in the right direction.
High demand and low stock levels are not the only factors though. Mortgage rates, thankfully, have started to come down. The average 2-year fixed rate now stands at 5.58%, down from a peak of 6.65% in October.
In terms of Lettings, we’re also seeing positive signs for Landlords. Demand has increased significantly from December, where things were a little quieter, and properties are again having lots of enquiries from waiting tenants. Stock levels as a whole are beginning to reduce again as competition heats up over available properties.
Our advice for tenants would be to sign up to our mailing lists on our website at www.venturepropertiesuk.com. This way you’ll get email notifications as soon as possible for properties that suit your criteria. Once you receive a property you are interested in, you need to call the office as soon as possible to avoid missing out.
We have offices in Darlington, Chester-le-Street, Crook and Durham that cover sales, lettings and mortgages so if you ever need any help or advice, please get in touch with us and we’ll be more than happy to assist you.