As we officially move into spring, the housing market is still uncertain as we are experiencing very inconsistent weeks, one week is slow, the next is busy. The biggest difficulty is the number of properties on the market compared to the number of active viewers buying. Currently there are over 1,600 properties for sale within a five mile radius of Wellingborough which gives buyers a massive choice but dilutes sellers chances of generating viewings.
When the Bank of England met last month they held interest rates at 3.75% but suggested that rates may be reduced further soon. This has possibly had a bearing on the lack of first time buyers, maybe they are waiting for the next promised rate reduction. First time buyers are still the life blood of the housing market; as each new buyer enters the market, they can generate an upward chain of three or four more sales. Twenty first time buyers entering the local market could have a significate impact.
House prices are holding up; however, there are huge fluctuations in prices, similar properties in similar locations can vary vastly, in some cases £50,000 different. In this market, it is very obvious that the overpriced properties won’t sell and, in most cases, those needing work which is not reflected by price will just sit on the market. I have been advised that 43% of properties that came on the market in 2025 didn’t sell, this is probably down to incorrect pricing.
The rental market is now ticking over reasonably well following a slow first three weeks of the year. Rents are still the highest they have ever been, but demand is still good. Landlords are bracing themselves for the implementation of the Renters Rights Act on the 1st May but the best advice we can offer any landlord, is to not self-manage due to the jeopardy of incurring big penalties, get rent guarantee and use an established letting agent who knows the new legistration fully. Definitely question lettings agents to see if they are equipped to deal with changes and if they fully understand them.
With spring around the corner, we optimistically look forward to a more consistent housing market and a potential interest rate reduction on 19th March.