PROPERTY MARKET UPDATE
We saw a strong start to 2022 with many new buyers looking to purchase a property across Nottinghamshire and Derbyshire. With the stamp duty savings ending in 2021 and now being something of a distant memory, we are now seeing many people looking to purchase their first property in the £200,000 – £300,000 price range. First time buyers who have a reasonable deposit are able to use their joint incomes to secure a mortgage to purchase properties in this price region.
A good number of new instructions have been placed on the market during the first four months of the year which has helped satisfy this demand, with particular interest being shown in new developments where buyers can move into a brand new house with the benefits of no upward chain.
The later part of March saw slight cooling of activity with the Ukraine war, an increase in interest rates and increases in the cost of living generally, having a negative effect on the property market. However, with the days now being longer and lighter, it is anticipated that this will have a positive effect with warmer weather encouraging people to get out and look for a new home. This coupled with relatively low interest rates, means it is probably still cheaper to purchase a property rather than rent.
We are looking forward to seeing what happens over the coming weeks as we move through Spring and approach Summer but we envisage a busy time ahead in the residential housing market.
