
Sam Butler’s Market Comment - April 2023

There is no doubt that the residential property market in the Cotswold is in quite a different place from that which it was this time last year.
The froth has gone off the top and the frenetic activity experienced in 2022, as soon as a property was launched, has dissipated. The mini budget was largely responsible for this significant reduction in interest, together with the increase in cost of living and the war in Ukraine.
However, Rishi Sunak has worked hard to correct the chaos created by Liz Truss. His considered approach to all economic, and some political, matters has contributed to the stabilization of the mortgage market, and in turn has helped ease the significant inflationary pressure on all markets and areas of the economy.
Despite initial forecasts, in the last week, the Bank of England has been forced to raise interest rates further to 4.25%. Inevitably, these rates have a depressing effect on those requiring mortgages, but the SWAP rates have dropped quite substantially and there has already been some downward movement in available rates.
It is expected that over the next twelve months, residential mortgage rates will continue in much the same vein, with the basic rates at which Banks set fixed mortgages fluctuating, and lenders holding rates at between 3.5% and 4% for a residential five year fixed loan.
However, the stabilization wrought by Sunak’s careful approach, albeit considered by some to be dull and unimaginative, has helped inject a degree of confidence in the residential market across the country, and in the Cotswolds in any event. Together with unsated demand hanging over from 2022, a paucity of stock, and finally some spring weather, we are definitely witnessing an strengthening of confidence from buyers. At the start of the year, they were reluctant to make offers , choosing rather to sit on their hands before making an offer. However, in the past couple of weeks, we have seen a noticeable increase in applicants registering, viewing and making offers as well as sellers inviting us to value their properties with a view to selling in 2023.
On balance, in my view, the Cotswolds residential property market looks to remain solid and active, with many wishing to live in this beautiful and accessible part of the country.
For any advice on the Cotswolds residential property market, contact:
Sam Butler Senior Partner
sam@butlersherborn.co.uk 01285 883740
Old Rectory Farmhouse , Alvescot, Bampton
Guide Price £2,250,000 Contact Burford on 01993 822325 or bur@butlersherborn.co.uk
The Cranhams, Cranhams Lane, Cirencester
Guide Price Offers in Excess of £2,200,000 Contact Cirencester on 01285 883740 or cirencester@butlersherborn.co.uk
Three, Temple Guiting
Guide Price £1,175,000 Contact Stow on 01451 830731 or stow@butlersherborn.co.uk

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