Activity Improves as Mortgage Rates Continue to Fall – September 2024

The property market is seeing a resurgence this September, as falling mortgage rates fuel a rise in buyer activity. With the cost of borrowing easing, more potential homebuyers are stepping off the sidelines and entering the market, creating new opportunities for both buyers and sellers.

A Welcome Change for Buyers

After a challenging period of high-interest rates and affordability concerns, the gradual decline in mortgage rates is providing much-needed relief for those looking to purchase a home. Lower borrowing costs mean buyers have increased purchasing power, enabling them to consider properties that may have previously been out of reach. This renewed confidence is reflected in the significant increase in mortgage applications and viewings across various regions.

What Does This Mean for Sellers?

For sellers, this is an opportune moment to list properties, as buyer demand is on the rise. With more buyers actively searching, properties that are well-priced and presented are likely to attract significant interest. The increase in activity also means that sellers have a better chance of achieving their asking price or even receiving multiple offers.

If you’ve been considering selling, now could be the perfect time to capitalise on the heightened demand and improved market conditions. A well-timed listing, combined with a strategic marketing plan, can make all the difference in securing a successful sale.

Market Dynamics at Play

The downward trend in mortgage rates is a result of several factors, including economic policies aimed at stabilising inflation and boosting consumer confidence. As lenders become more competitive, they are offering better deals to attract new borrowers, which is contributing to the positive shift in the market.

It’s also worth noting that, while mortgage rates have fallen, they remain higher than the ultra-low rates seen a few years ago. This has created a sense of urgency among buyers who want to lock in a favourable rate before any future fluctuations.

How Long Will This Window Last?

While the current trend is encouraging, it’s uncertain how long these lower rates will last. Economic conditions and policy changes can quickly impact the housing market, so both buyers and sellers should be prepared to act swiftly.

For buyers, this means securing a mortgage offer and being ready to make quick decisions when the right property becomes available. For sellers, it’s important to work with a knowledgeable agent who can navigate the market dynamics and position your property for maximum exposure.

Making the Most of the Current Market

Whether you’re a first-time buyer, looking to upsize, or considering selling your property, the current market conditions offer a unique opportunity. Lower mortgage rates, increased activity, and rising buyer confidence are creating a favourable environment for property transactions.

If you’re thinking about making a move, now is the time to take action. Get in touch with us today to discuss how we can help you make the most of this opportunity and achieve your property goals.

Ready to get started? Contact us to learn more about the latest market trends and how we can assist you with buying or selling your home in this dynamic environment.

Original Source: Rightmove September 2024 House Price Index