Local housing market update

The first quarter of 2024 has brought a blend of challenges and opportunities, shaping the landscape for buyers, sellers, and investors alike. From fluctuating mortgage rates to evolving buyer preferences, understanding the trends and shifts in this pivotal period is essential for anyone involved in the housing market.  

Although still high, mortgage rates are declining, instilling confidence and promise in both buyers and sellers. Prices mirror this positive sentiment, accompanied by heightened sales activity and an increasing number of properties coming to market.  

The Bank of England (BoE) convenes approximately every six weeks to determine whether the Base Rate should be adjusted upwards, downwards, or remain unchanged. Presently, the Base Rate stands at 5.25%, maintaining this level since August. 

Currently, financial markets anticipate that the Base Rate has reached its highest point. Projections suggest that interest rates will remain stable throughout 2024 before gradually decreasing. However, pinpointing precisely when significant decreases in mortgage rates might occur proves challenging, largely due to their dependence on various factors. These include developments in inflation, declining swap rates, and the absence of unexpected economic shocks.  

Rightmove recently reported that activity has been strong with agreed sales in the first 6 weeks of 2024 16% higher than the same period last year and 3% higher than the same 3 weeks in January 2019.  

Looking at our own data, sales agreed are up around 5% for the quarter vs the same period last year. Again, this shows that correctly priced property, coupled with excellent marketing and service, are securing sales.  

As we now approach spring/summer, usually considered prime seasons for buying and selling homes, we hope to see the recent positive shift to continue. If you have been thinking of buying or selling a home in North Wales, contact us today and our trusted experts will assist you. We have offices in Caernarfon, Bangor, Llangefni, Llandudno and Colwyn Bay covering Gwynedd, Isle of Anglesey, and Conwy.