So…What Is Going On In Ashford’s Housing Market?

We know first-hand here in Ashford that the housing market has seen dramatic changes over the last few months with many more homes coming to the market and buyers being hesitant about how much they spend given the escalation in interest rates and the cost-of-living crisis. The good news is, for anyone wanting to move, there are more deals to be had so as a first-time buyer, not only will you be more likely to secure a home at a better price but there is far more choice out there to find the perfect home. Gone are the days of being up against multiple buyers on one singular property.  You are likely to be budgeting for a higher mortgage repayment nowadays but with lettings rates still rapidly on the rise, getting a mortgage could well be the most cost-effective option at this time.

“It certainly remains a buyer’s market,” said Richard Donnell, research director at Zoopla. “The asking price isn’t the value of the home. It’s the starting point. In today’s market, buyers are negotiating a bigger discount.”

Zoopla’s report also shows that buyer demand has improved for the first time since the Spring, up 12% over the past four weeks, although it remains a third lower than a year ago.

For homeowners wanting to move up the ladder, now is the time to take advantage of the market. With the whole of the housing market being affected and many homes facing an average of a 5% reduction, the 5% of that higher price home is going to mean that the difference you pay between your home and the next purchase should be less so financially, you will be likely to borrow less than you originally anticipated.

In a tougher market, it’s the good estate agents that will really come in to their own. As an agent, you have to be creative. You can’t just sit there waiting for the phone to ring. We’ve found that when we have motivated sellers and buyers, often deals can be made across the whole chain to ensure that everyone can move forward and it’s this level of negotiation that we are now finding ourselves involved in, just to make things happen. The best marketing is key too.  You can’t just put a house on the market and hope for the best. You must make changes to keep things fresh and enhance marketing to ensure it attracts the right audience to your home.

August was very quiet, but this is typical of the summer holiday period. In September, we have seen more homes come to the market and increased buyer activity. With inflation on the decline and the bank of England base rate remaining at the 5.25% for the time being, we are finding that buyers are feeling more secure to make financial decisions and resume their property search.

What’s also good to know is that the rate that lenders are borrowing their money to provide mortgages to customers has reduced in recent days. This is another encouraging sign in this marketplace and hopefully means we have seen the worst of the higher rates.

Over the last week, we have secured sales on 6 of our homes on the market, a far cry from thinking the housing market is struggling. If anything, if you are wanting to move now, you will have far more choice and negotiation power and whether you are a buyer or a seller moving on, this is a good time to be out there looking.

Ultimately in any market, there will always be the need for people to move for a whole variety of reasons and whatever happens to the marketplace, it is all relative. Don’t not move because your home isn’t worth what you were hoping for as it’s highly probably that the homes you were wanting to look at moving to have also come down in price, helping to bridge that gap.

If you are wanting to get a clearer insight into what your home is worth and the likely price of what you would need to budget for to move forward, do give us a call. We will be glad to come out and see you and talk through it all so that you can make a good, informed decision about whether now is the right time for you. Just call us on 01233 367606 or send through a valuation request here. Working in partnership with Prospect Tree Mortgages, we can also arrange for you to have a chat with them to get the full picture of how much you could borrow and what your likely repayments would be. Just call us to arrange or book your phone appointment time online.

Frances Hunt 28th September 2023