As the UK housing market shows signs of recovery after a challenging period, potential buyers and sellers are taking a renewed interest in navigating the property landscape. Recent statistics indicate a modest uptick in activity, marking a potential turnaround that could make the summer an opportune time for moving house.
Current State of the UK Housing Market
According to recent statistics, there have been signs of life in the UK housing market since the start of the year, evidenced by a rise in the number of mortgage approvals. Data from the Bank of England* shows that approvals for house purchases rose 1.3% to 61,300 in March, up from 51,500 in December, reaching the highest level since September 2022.
This increase suggests a gradual return of buyer confidence, despite the overarching concerns about high interest rates.
Why Summer Is a Good Time to Move
The summer months often bring increased activity in the housing market for several reasons:
- Longer Days and Better Weather: The longer daylight hours and generally better weather conditions make viewing properties and moving house more manageable and pleasant.
- School Holidays: Families prefer to move during the summer to minimize disruption to schooling. Relocating during the long break allows children to settle into their new homes and communities before the new school term starts.
- Market Activity: With the increase in property transactions during the spring, the momentum typically carries into the summer. This period sees a high volume of listings and sales, providing buyers with more options and sellers with a larger pool of potential buyers.
Challenges and Considerations
While the market is showing signs of recovery, high mortgage rates continue to pose a challenge, particularly affecting first-time buyers and those remortgaging from low fixed-rate deals. For example, according to Zoopla, transitioning from a sub-2% mortgage rate to a 4.5% fixed rate today can increase annual mortgage repayments by 61%. This underscores the importance of financial planning and market research before making a move.
The Role of Doree Bonner International
As the market begins to pick up, Doree Bonner International is ready to assist with all moving and storage needs. Whether it’s helping families relocate to their dream homes or providing storage solutions during transitional periods, our services are designed to make the moving process as smooth and stress-free as possible.
Conclusion
With the UK housing market showing signs of revitalization and summer providing ideal conditions for moving, now might be the perfect time for buyers and sellers to make their move. While challenges remain, particularly concerning mortgage rates, the increasing market activity suggests a growing confidence among both buyers and sellers. For those planning a move, engaging with experienced professionals like Doree Bonner International can ensure that their moving experience is efficient and positive.
For more insights into navigating the current housing market or to learn more about our specialised packing, moving, and storage services, visit the Doree Bonner International website or contact us directly for a free online quotation and 24/7 advice and assistance.
Source:
Bank of England: Money & Credit March 2024
