The much anticipated decrease in the Bank of England base rate did not materialise as was widely expected in May. This had the immediate impact of property appraisals under the umbrella of Peter Illingworth being reduced to virtually zero in the first week of the announcement. As the days have gone by the tap has slowly been turned on. The announcement of the General Election did not result in any fall throughs or reduction in viewing enquiries. Stock levels have encouragingly increased.
There is also the added anxiety amongst landlords in social housing and investors in furnished holiday lets whether this is the time to move on; however, as housing is an essential commodity and land cannot be manufactured, the noticeable withdrawal of landlords from the market has starved the supply of rental properties and rents have risen.
What will happen to house prices in Ryedale?
Peter Illingworth with over 40 years of property experience in this area believes the housing market is well positioned to maintain its current value. With interest rates in the near future likely to come down and with the first Bank of England base rate drop, no matter how small, will give the market the news it has been long awaiting. Buyers should noticeably return to the market, with an obvious improvement in sales.
What are buyers wanting?
Homes offering good value for money; homes that provide some flexibility, maybe for working from home.; homes with land; homes near good schools; homes nearer to family; homes near to the Doctors and Dentists; homes close to amenities; homes to suit sports interests near clubs etc ; homes for keen gardeners; homes for those requiring less maintenance; homes with garaging and off street parking; homes in areas of outstanding natural beauty; homes with more than a garden and less than a farm; homes with no neighbours; homes in the National Park, homes in a strong community town/village; homes in hot spot villages such as Harome, Hutton Buscel, Hutton le Hole, Lastingham, Hovingham, Sinnington, Marton etc;
Who are the buyers:
First time buyers, those seeking a life style choice, those returning to the area having retired, families, divorced and separated, those downsizing and upsizing, change in personal circumstance including births, deaths and marriages.
As a wise old lady told Peter Illingworth when he was starting out in his career, all houses sell in the end and he has found this perfectly true. The reality is that a home is to live in and it is a long term investment, if you own a property at least you are not losing it in rent, but investing it in yourself. Hopefully this will provide peace of mind and some security in retirement and old age.
Call Peter Illingworth on either 01751 431107 or 01751 475557
Email peter@peterillingworth.co.uk
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