Bridie's thoughts on today's property market...

Bridie's thoughts on today's property market...

It's my first month back post maternity leave and much to my delight it’s been unexpectedly busy. There has been a significant uplift in viewings and offers alike, which is in stark contrast to where we were at this stage last year. It appears that life events are keeping the market moving, with those already on the property ladder looking to move home for various reasons.

Naturally, for those in a chain we can expect that it may take longer to sell your property - in these cases, patience, presentation and pricing is key. In a buyers' market and with buildings costs so high, it's imperative that vendors look to make their property more appealing where possible or expect to market at a lower price.

Whilst the cost of borrowing has nearly tripled, most commentators are predicting that the UK base rate is at its peak and are predicting that by Autumn 2024 it will gradually reduce. With that in mind, tracker rate mortgages are currently an attractive option, with many lenders offering 0.6% above base. It’s worth shopping around for the best deal.

Looking to move home and currently in a fixed rate mortgage? Did you know that many lenders provide the flexibility for you to port your existing mortgage to a new property and take out any additional borrowing if necessary? It’s always worth checking with your current lender, to see what options you have. There are some real positives for first time buyers, with the Government of Jersey planning to launch a shared equity scheme in Spring 2024, plus the welcome (and in my opinion long overdue) news that stamp duty relief for first time buyers will increase to £700k. Have we weathered the storm? Well... only time will tell, however things are most definitely picking up!

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