Sam Butler’s Market Comment on the Cotswold Residential Property Market January 2023
Good News in the Residential Property Market!
We have begun to see a slight reduction in inflation, and the Bank of England now expects the base rate to be lower, than it had previously anticipated.
Despite the Bank of England’s rate rise at the end of last week to 4% being a 15 year high, as inflation is curbed, the Bank is predicting a milder and shorter recession than it previously indicated.
Whilst any increase in interest rates benefits savers and is detrimental to those with mortgages, fixed rate mortgages have been reducing ever since the change of premiership after the chaos engendered by the mini budget. Fixed rate mortgages are priced based on future expectations. As the expectation for the Bank of England base rate is nowhere near as high as previously thought, we are seeing falling fixed rates. In turn, this has a beneficial effect for those wishing to buy in the residential market.
We have launched several properties in the past couple of weeks, and it is quite apparent that there is sustained interest from buyers in the Cotswolds, from cottages to family homes. Some of this is the result of unsatisfied demand at the end of last year. In addition, as usual, people continue to need to upsize, downsize, move for work, or to move as a result of the three ‘D’s, death divorce or debt. The level of activity from registrations; enquiries; viewings and offers, reflects currently a healthy, active and solid residential property market in early 2023.
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