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There’s plenty of confidence in the market, as people search for their dream home (Image: Getty Images)
David Thornton, residential property valuer at Arnolds Keys’ County Hub in Aylsham, discusses the current state of the housing market.
Headline writers can have a tendency towards the sensational, and their words can influence consumer confidence. So it is heartening to see that buyers and sellers seem to be disregarding the more hyperbolic messages about the housing market that feature in some national newspapers.
Looking at such headlines, you could be forgiven for thinking the housing market is in a state of collapse, with no houses being sold, and if they are, for a fraction of their value three months ago. This is nonsense.
Eastern Daily Press: David Thornton, residential property valuer at Arnolds Keys’ County Hub in Aylsham
David Thornton, residential property valuer at Arnolds Keys’ County Hub in Aylsham (Image: csddsfs)
It is undeniable that 15 consecutive monthly interest rate rises have had an effect on the market. But unlike some tabloid journalists, most people understand that this is a normal, relatively minor adjustment which happens occasionally, especially after a sustained buoyant period.
The truth is that there is still plenty of confidence in the market, people still need and/or want to move house, and transactions are proceeding apace – at least in our part of the country.
There has been a minor adjustment in prices, but certainly not the predicted ‘crash’. Prices are broadly where they were a year ago, which let’s remember was after a sustained period of growth.
Demand has held up remarkably well, especially in popular market towns such as Aylsham and Holt. People are still following the dream of finding their perfect home.
In Norfolk, and particularly north Norfolk, demographics mean that we see a larger proportion of cash buyers than elsewhere