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A common question or statement I am hearing from some buyers now is… “I’m going to wait until the rates drop or see what’s happening first.”

The answer simply put is do not wait… buy now! If mortgage rates do come down, you can re-finance at the lower rate.

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Are you thinking of selling your home? The housing market is still busy, so this may be as good a time as ever to take advantage of this and put your home on the market. There are still high numbers of homebuyers looking to buy right now, so make sure you give yourself the best chance of attracting them and getting the best price for your property. Here are a few tips to give your home the wow factor!

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Politics affecting rise in borrowing costs

The political and economic turmoil over the last few weeks/months meant the average mortgage rate spiked at around 6%. However we have seen that drop to around 5.4% in the past week. There are of course better rates out there, this is based on an average 5 year. Of course the health of the property market is linked to the health of the economy, most being the cost of borrowing. Looking ahead within the property market there are various elements to consider. First, the lifestyle factor of your area. Second, the mortgage rates heading into 2023.

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Liam Nevitt - Property Sales Consultant

Liam has a proven track record in both property and sales industry with over 10 years’ experience working within different industries, he has a confident and enthusiastic approach to any task that he is given and always strives to deliver exceptional customer service. Liam joined Red Squirrel just over a year ago to continue his professional development as working within the property industry has always been something he has wanted to do, and is keen to take on the exciting challenges ahead and achieving the best results for our customers.

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As I’m sure your aware, the current financial status of the UK as well as the housing market is completely up in the air at the moment. There are also a lot of misconceptions in the media regarding the property market as we speak, these issues that aren’t necessarily true or don’t match to the unique way of life on the Isle of Wight. The Island has always had its own sort of market and doesn’t seem to stay in line with the average market trends, therefore any ‘averages’ have always got to be taken with a pinch of salt.
House prices on the Island have shown a 0.35% increase throughout September so house prices are still on the rise, however we are starting to see a slow decline.
The demand for people wanting to sell on the Island is still on the rise, we’ve seen a 5.5% increase in new listings, and although the demand for properties is still high on the Isle of Wight, the amount of sales agreed in September saw a 2.3% decrease.

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