Good News for Sellers: Why the Market Still Holds Opportunity
For those looking to sell their home, recent updates from the Bank of England bring encouraging signs.
While the property market has faced challenges with rising mortgage costs and cautious buyer behaviour, there are reasons to feel optimistic about the months ahead.
Firstly, interest rates, currently at 4%, are expected to gradually fall. The Bank of England has signalled that once inflation eases further, borrowing costs are likely to reduce. For sellers, this is important. Lower mortgage rates make it easier for buyers to access finance, which can increase the number of potential purchasers actively looking for a home. More buyers in the market generally support stronger demand and can help maintain or even lift asking prices.
Secondly, inflation has now peaked at 3.8% and is predicted to fall to around 3% early next year. Slower price rises improve households’ purchasing power, giving buyers more confidence to commit to a property purchase. When buyers feel financially secure, they are more likely to move quickly and engage in competitive bidding, which is positive news for those selling.
Finally, employment remains relatively stable. The Bank expects unemployment to stay around 5% for the next few years, and many people continue to prioritise job security. This stability supports ongoing demand for homes, particularly from families and professionals seeking long term security.
While the market may not see the rapid price growth of past years, these factors indicate that selling a property now or in the near future can still be advantageous. By understanding the changing landscape and positioning a home attractively, sellers can benefit from a market that is adjusting but continues to offer real opportunities.
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