This month, Chester Association of Property Professionals (CAPP) committee member, Lisa Curran offers Chester her insight into current market movements in light of a backdrop of interest rate rises and gloomy Domesday property ‘expert’ forecasts.
Casting a cursory glance over your shoulder at the national picture for the home movers’ market in 2022 could give you cause for concern, which is why it’s important to delve a little deeper into what factors are at play in the current climate.
Whilst some so-called property ‘experts’ have been soothsaying the dramatic decline and fall of the market for quite some time, we have yet to witness the rollercoaster nosedive these market-mystics have been foretelling; whilst the latest economic updates suggest that inflation and base rate rises will not reach the dizzying heights foretold.
Furthermore, thanks to a period of relative economic and political calm, mortgage rates have begun to settle down, which is great news for buyers and sellers alike. With the calming of the financial seas, a new positivity is rising in the market, with Rightmove (after having logged month-on-month house price falls in November and December 2022), reporting a surprising upturn of 0.9% in the new year.
And although from a national standpoint, the industry might not be the buoyant bouncy castle of movement we would have liked to see thus far in 2023, on a local level, Chester in particularly, is performing well, as Cestrians search for new homes within the city and with demand also coming from those out of area. As residents from larger cities look to capitalise on the cosmopolitan flavour of Chester, with its blend of nature, parks, history, culture and character, we are finding there is a strong demand from locals and those from out of area.
As we await the inevitable late spring/early summer selling frenzy, it’s important to note that currently the supply of new homes to the market is quite limited. This means that those coming to market in early spring have very little competition, making early spring a fantastic time to sell, with less homes on the market and a deluge of ready, willing and able buyers raring to move.
Particular bonus points go to sellers whose homes offer river views, multiple parking spaces, entertaining space, gardens, potential to extend and versatile spaces with strong Wi-Fi that could be used to work from home.
One thing is for certain, whatever the fluctuations in the market, Chester remains a highly desirable and competitive region.
Currans Homes/Currans Unique
Committee member of CAPP