The Housing Market Takes a Breather
Peter Illingworth has been taking a look at the Land Registry’s House Price Index and says, “From January to May of this year sale prices of houses in Ryedale have changed very little, but set against those for the whole of North Yorkshire they are marginally down by about 0.4 per cent. However prices for the whole of England did increase slightly by 1.1 per cent.”
Although the Bank of England increased interest rates by 0.25 per cent this week Peter feels that mortgage rates could well remain static as most lenders were prepared for an uplift and had built in a contingency for any increase.
Peter goes on to say that although demand is high the housing stock in Ryedale remains low with very little coming on to the market. This high demand for housing is fuelled by a growing population who need somewhere to live, and the fact that people are living longer.
“Nowadays there are very few properties in our area which are suitable for retired or older people to move into so they are forced to remain in their family homes and this is creating a bottleneck in the marketplace,” explains Peter. “Also, over the past few years the mid-range priced houses with, say, three bedrooms, gardens and garaging have been bought by professional landlords or buy-to-let investors who let them permanently, thus breaking the traditional cycle of this type of property regularly being bought and sold.”
“This means,” says Peter, “that properties in Ryedale continue to sell well and I do not foresee this changing in the near future. If you are thinking of selling your property and would like some expert advice on how to make the most of the current market conditions then do please contact me or one of my team.”
Peter Illingworth Kirkbymoorside - 01751 431107
Peter Illingworth Pickering - 01751 475557
Peter Illingworth London Mayfair Office - 0207 467 5330