Hi I’m Sam from Fine & Country and welcome back to my latest market report for March 2020.
I think it’s fair to say that 2020 has kicked off with strong house price growth within the region, with both new buyer enquiries and instructions at their highest point since the referendum in 2016. This has been mirrored by the activity in a busy mortgage market, with new mortgage approvals surging to their highest point since April 2015.
So if it’s not one thing it;s another, from Brexit uncertainty to Coronovirus panic, there has certainly been some ‘interesting’ outside influences to the property market in recent years! As I speak the Bank of England has seen fit on the morning of the budget to slash interest rates by a half per cent to 0.25% to bolster the economy in light of a world pandemic, and as expected there has been no cut to the stamp duty that most people in my industry were hoping for, to help with the cost of a house move, which really was a shame.
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Despite these influences certainty begins to replace uncertainty, the market looks primed for a release of pent up demand. This demand will be supported by an increasingly competitive mortgage market. Rates have continued to slide downwards, with the 3, 5 and 10 year fixed rate mortgages now at record lows, which is certainly helping support a busy start to the year. February was a slightly slower month than January with viewing levels down on the previous month, but this was no doubt reflected by the weekly storms that washed out the weekends for many of us in that month. As we come into Spring and Easter, a typically strong month for new listings, we expect this new stock to introduce more buyers to the market.
So if you are thinking of a move in coming months give me a call and I would be delighted to help.
So coronovirus or not its business as usual for Fine & Country and I think the message is, in true British fashion, keep calm and carry on!
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