Another 0.5% rise on interest rates - How will the market react?
Interest rates have just risen by 0.5% with the base rate now at 2.25%, which is the biggest hike since 2008.....
Over the last few weeks, we have noticed the sales market changing with more property on the market, less buyers and numerous reduced properties, we believe the market is definitely past its peak. This 0.5% interest rate rise is the seventh time in a row the base rate has risen and further increases are expected later in the year, with some analysts predicting a high of 3% by the end of the year. All of this is bound to effect the sales market further.
As we have noted with previous rate rises, it is not all doom and gloom, we are still selling property and will continue to do so, the key is valuing property correctly taking into account the current market. We are still noticing agents over valuing properties just to gain the instruction and this ends up being detrimental to the price they finally achieve.
At Gibson Honey, we pride ourselves on giving the correct advice from day one, our approach as always is optimistic but most importantly realistic, and our valuations are based on fact with a thorough assessment of your property. If you are thinking of selling your home at this current time or you are currently on the market and not achieving the success you expect, please do give us a call to book in a free no obligation valuation from your local multi award winning agent.
We would be delighted to hear from you.