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PROPERTY PRICES: Rightmove reports an £82 fall in the average price tag on a newly marketed home in June
According to Tim, the market is witnessing two distinct groups of sellers. Some still hold overoptimistic price expectations from the buoyant pandemic market, while others have adapted to the new conditions and are entering the market with competitive prices. Despite the recent twists and turns in the market, Rightmove reports no significant impact on buyer demand over the past two weeks. In fact, the number of buyers inquiring about properties for sale is 6 per cent higher than in the pre-pandemic market of 2019.
“It is likely to feel very frenetic for those taking out a mortgage right now, as they try to quickly lock in the best rate that they can find. Although the impact of higher mortgage rates on activity levels has been limited so far, with prospective buyers who can still afford to move appearing determined to go ahead, it remains to be seen how movers will respond to the expected further rate rises.
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