by Robin Kellock, local independent mortgage adviser

As we are coming towards the end of summer the property market has shown considerable signs of slowing down over recent months.

A change of Prime Minister, the World Cup, fantastic weather and school holidays are the main factors, which have contributed towards a drop in transactions.

The lower end of the market is however still strong with First Time Buyers looking to get their foot on the ladder rather than renting, as rents continue to rise. There is certainly good demand for houses up to around £300,000, with the right property in the right location with an accurate price still going quickly.

Interest rates throughout the first part of the year were nicely dropping with consumer confidence really strong. Rates were heading towards 4% and the market was moving along very well. However, America’s war with Iran seriously dented the world economy and has caused inflation in many areas with the mortgage rates now heading towards 5%. This is maybe not a massive rise, but it is consumer confidence which is key at the moment.

Although interest rates have increased compared with earlier in the year, it is worth remembering that rates remain below the levels experienced by many homeowners in previous decades. The market is therefore adjusting to a new normal, and both buyers and sellers are becoming more accustomed to operating in a higher interest rate environment.

Some positive sounds from the new PM are encouraging and I hope that the traditionally positive Autumn market when schools are back will help the year rebalance a bit.

It is still a great time to move, so please consult your local professionals for expert advice. Realistic pricing, honest advice and experienced guidance remain the foundations of a successful move, whatever the market conditions may be.