As we head in to Autumn, the property market continues to be extremely buoyant with demand still far outstripping supply, and mortgage interest rates falling considerably over recent weeks.
The property market has, therefore, not slowed at all. Prices have maybe slowed a touch, but there are still many people looking to view the few properties that are coming on to the market in the prime locations across Ryedale. This means that you have got to be ready to proceed straight away, by either having a buyer for your own property or having a Mortgage Agreement in Principle sorted before you view.
The staycation boom is also encouraging some experienced landlords, and some novice investors, to look at more lucrative shorter term holiday lets rather than the longer term rentals. This is causing a lack of supply of long term rentals, with rental values also increasing.
The property market therefore continues to be very lucrative to those who own property, but tough for those looking to get their foot on the ladder, whether it be buying or renting.
However, on a positive note, the low interest rates mean that often a mortgage will be cheaper than renting—if you have a good deposit—and also the lenders have increased their affordability over recent months, so that first time buyers can afford a larger mortgage.
It will certainly be interesting to see how inflation in the general economy might affect the property market over the next year. There seems to be an awful lot of volatility associated with life getting back to normal, and I am certainly curious as to how this will unfold in the property world!
by Robin Kellock, local independent mortgage adviser.