MARKET UPDATE!

15th October 2022

MARKET UPDATE! In a nutshell…….. It’s been a frantic 2 weeks for the housing and mortgage markets. It’s okay to feel worried when mortgages are going up and the economy is slowing down, but following the huge surge in activity over the past couple of years, this transition back to steadier market conditions is normal and the outlook is not as bad as many are reporting.

What’s going to happen next?

It all depends on how quickly inflation is brought under control and for financial markets to get more clarity, but it’s unlikely that mortgage rates will stay higher than 6% for all of 2023. The experts think they’ll probably drop to 4% to 5% which will be more manageable for most buyers.

The market’s in a stronger position than in previous economic downturns because lending conditions have been much stricter in recent years.

Contact SELDONS ESTATE AGENTS now on 01237 477997,  for your FREE valuation and expert advice from experienced professionals!