The road ahead for the property market in Winchester

There is no doubt that the last two years have been a seller’s dream, with some houses selling within hours and over the asking price. It is widely reported that this bubble has burst up and down the country. However, Winchester has a proven record of weathering some of the property storms over the years, but to achieve a successful sale in todays market, sellers may want to rethink their selling strategy.

The lack of properties on the market over the last couple of years sparked bidding wars and saw many homes selling above their asking price. Demand was high and so were property prices but, as research from Halifax shows, things may be starting to change.

“While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget, which saw a sudden acceleration in mortgage rate increases. It’s likely that those rates have peaked for now following the reversal of previously announced fiscal measures. But it appears that recent events have encouraged those with existing mortgages to look at their options and some would-be homebuyers to take a pause.

Understandably, we have also seen consumer caution grow as industry data shows mortgage approvals and demand for borrowing declining. The rising cost of living coupled with already stretched mortgage affordability is expected to continue to weigh on activity levels”

Kim Kinnaird - Director of Halifax Mortgages

Pricing your property too high in this market could only lead to heartbreak. Our team live and breath Winchester, and we will be more than happy to advise you on the best strategy to sell your home. You may decide to wait and see what the future brings, or your circumstances or desire may push you to take a leap of faith. Whatever you decide, we will provide you with the clear and honest advice, even if we feel that you should wait for a more robust market.

There may be some challenges ahead, but there are also some positive signs too. Moneyfacts reported that they have seen a gradual increase in the number of mortgage products to 3,220 deals as of the 7 November. One thing we are certain about is that when you decide to sell your home, it is essential to have the right estate agent on your side, give our team a call today on 01962 866 644 to see how we can ensure the road to your move is as smooth as possible.