With the housing market you can never predict the future. As the market was starting to show positive signs of improvement, the conflict in Iran began on the first weekend of the month.
Strangely the month of March has been a particularly strong month for our business agreeing more sales in one given month for over two years. We have seen buyer demand improve which is the opposite to what was expected.
We believe pent up demand from the slow stop, start year of 2025 has filtered through. Buyers will only wait so long. It’s currently a case of making hay whilst the sun shines.
We are realistic enough to understand that if the war in the Middle East escalates then interest rates will no doubt rise and will have a negative impact. In the last couple of weeks many mortgage deals have been removed from the market particularly the high loan to value deals of 90 & 95% lending. Two and five year fixed rate deals have also increased despite the Bank of England holding rates. Lenders are being cautious in case rates do have to increase.
At the moment, none of us know what the immediate future holds for the housing market but whilst the public continue to engage and buyers are still looking to purchase properties, we can only report that all is currently well but we are anxiously monitoring day to day events.