With Mark Manning of Manning Stainton
As we arrive at the end of summer and what has been a slightly more subdued July and August, the property market appears to be slowly returning to something resembling a more normal level for this time of year. However, for the buyers out there, I’m afraid to say prices continue to rise, particularly across our region.
Rightmove’s asking price index in September showed a 1.1% increase in Yorkshire, compared to an average 0.3% fall nationally, giving some indication of just how well our region is performing. On a local level, our own asking price index at Manning Stainton puts us now 14% ahead of where we were this time last year; great news for those thinking of selling. ‘When will it end?’ is the question everyone is asking!
Without sounding like the optimistic estate agent, I honestly cannot see this changing any time soon for two main reasons. Firstly, the supply of property coming to the market is simply not enough to satisfy the levels of buyer demand we are currently seeing. The number of available properties in estate agents’ windows has continued to fall through the summer and there is little sign of this problem abating. Secondly and maybe most importantly, money has never been so cheap to borrow – we are in the midst of a mortgage price war.
We are seeing lenders offering fixed term deals for below a 1% interest rate, making the prospect of home ownership even more attainable. I believe these two factors alone will continue to drive this market and barring any other significant political or pandemic-led events that could change the course, I think we have at least another year or more of this to come