Market Comment Q4 2023

Sun 01 Oct 2023

It is now widely accepted that there is a slowdown in the sale of houses. This doesn’t mean homes aren’t selling, it just means the heat has come out of the market and the frantic rush is not there. People are taking their time and considering the move more and whether they can afford it.

There will be many sellers though that need to move for whatever reason and if their home isn’t selling then they look to alternative options. This is where the rental market benefits. With high capital values and high borrowing criteria, it’s been difficult to persuade investors to buy in recent years, it has been ‘accidental landlords’ who have propped up the market. Those homeowners who have equity in their property and would prefer to rent their house for the medium term and wait until the sales market picks up again. This is a very good option as rents and demand is currently at the highest we’ve ever seen, across the board. Landlords can pick the cream of the tenants. Whether it’s a large house or a studio flat, the letting market needs stock to satisfy increasing demand. After 30 + years in the industry there is little we haven’t experienced and trends like these keep the property market wheels turning when it needs it.

If you’d like to discuss any aspect of the market please pop in or call for a chat. We love to talk property.