Spring Time

Published: 21/03/2024 By Alex Maile

Spring is here. The blossoms are out, it’s getting warmer and the property market is continuing to come back to life.

It’s a season that’s always full of promise and, this year, it looks like it might just deliver. House prices and demand were up again last month. That’s three months in a row and with inflation finally on the run and mortgage costs under control, buyer confidence is rising. When you add that to the usual spring uptick, we could be in for a busy few months.

There is no doubt, though, that buyers are still very cautious and, as I have mentioned before, that means that any overpriced homes will struggle to sell.

In the lettings market, although rents continue to rise, their rate of growth is slowing. In truth, it’s a good thing, because rents’ meteoric rise was becoming unsustainable.

Landlords won’t be too unhappy, either, as with mortgage costs starting to fall, those all-important yields will be improving. That’s especially good news for the 40% of landlords who will reportedly be coming to the end of their mortgage deals over the next 12 months.

And, despite a minor blip this month, mortgages are expected to continue on their downward path. With even wage inflation now starting to ease, experts are expecting a cut in the base rate sometime in June. Mortgages will normally come down in advance of that, providing yet another boost for both lettings and sales.

Right, on that happy note, I need to go, as the phone is ringing and there are viewings to be done.

Until next month…