After 14 successive interest rate rises it comes as a great source of relief to buyers and sellers alike to at last have the good news that the Bank of England Base rates have peaked and now with today’s welcome news (1st August 2024) the Base Rate has been reduced by 0.25% today to 5.0%.
Even though we are now in the midst of the school holidays, Peter Illingworth expects to see an immediate positive change in buyers and sellers behaviour. For those who have been wanting to buy this may well be the tipping point that changes sentiment. Peter expects this will chase of the lethargy that commenced over the last few years.
With more stock now on the market than there has been for a long time, buyers and sellers should be aware that the opportunity of finding such a wide variety of choice in the market may soon disappear, with an upward pressure on prices.
If you are now looking for your first home, now is the time for you to do your homework and find out what you can borrow. If selling agents are to take you seriously they will need to see you have a mortgage offer in principle, it would be better to get this in place before you start to view, thus avoiding any disappointment. For those property owners who are thinking of upsizing or downsizing now is the time to make your enquiries also.
Call Peter Illingworth now on 01751 431107 if you are wanting to sell and needing an idea of the value of your home or email pickering@peterillingworth or kirkbymoorside@peterillingworth, we eagerly await your call.
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