It’s likely you will have heard reports that house prices have dropped over the last few months writes Ruddington’s Benwell Daykin Estate Agents.
Although this is true in some areas, prices are beginning to rise once more according to Halifax. This is of course good news for home owners looking to sell or those looking to release some equity.
But there’s one particular property type with prices rising faster than anything else – flats!
With borrowing costs higher than they have been for a number of years, buyers are struggling to find affordable properties. This means they are now turning to smaller properties in an attempt to keep their monthly repayments down.
First time buyers in particular are looking for more affordable options and so they are turning to flats to purchase for their first home. The increase in demand is now driving prices upwards faster than most other property types.
Property prices will continue to rise throughout 2024
Benwell Daykin predicts that prices of other property types will soon rise as quickly.
There is now much higher confidence in the market with the highest number of mortgage approvals than any time in the last 18 months. Affordability, however, is still very much a problem for some and this could last for a while longer. It is expected that the Bank of England will keep interest rates at 5.25 per cent when they next meet on Thursday 9th May.
Benwell Daykin expects this to begin to drop by the end of the year, if not sooner.
So, there may still be some challenges in the market. However, if you’ve been putting off placing your home on the market, it now looks like activity is beginning to bubble once more.
Is it time you found out how much your house is worth in the current climate? The average Ruddington property price is now well over £300,000.
Talk to Benwell Daykin today on 0115 990 2007 or on High Street to receive personalised property advice.
