Your October 2023 Property Market Update

 

Interest rates have finally been frozen, rental costs have hit new highs average new seller asking prices have increased marginally…

If you're contemplating a move, it's crucial to analyse your local housing market, as its trends could differ from the broader picture. At Quealy & Co, your local estate agent in Sittingbourne, we are happy to provide a free, no obligation valuation of your home to sell and to let. Book your free valuation.

Read on to find out all the latest UK property market news from the team at Quealy & Co.

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UK Interest Rates Frozen

After 14 straight increases, the Bank of England has announced a freeze on their base interest rate, which remains at 5.25%.

The surprising move has already had a positive impact on property buyers and homeowners who will be remortgaging in the coming months. Nationwide was the first major lender to reveal a reduction in mortgage rates, with other lenders expected to follow suit in the coming weeks.

The surprising move by the Bank to freeze rates, comes after inflation was revealed to have slowed to 6.7% in August – a far bigger fall than was expected, but still a long way above the Bank’s 2% target.

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Average New Seller Asking Prices Slightly Increase

Average new seller asking prices increase marginally by 0.4% (+£1,386) this month to £366,281. However they have decreased by 0.4% annually.

Market conditions still vary considerably in different locations, and so a local estate agent will be best placed to advise sellers to give them the best chance of finding a buyer this autumn.

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Rental Prices Hit New Highs

The Telegraph reports that the growth in rental prices hit a new record high, official data shows. Rents in London rose by 5.9% year-on-year, the fastest pace since records began in 2006, according to the Office for National Statistics.

Across the UK, rent growth hit a new high for the sixteenth month in a row, with costs climbing by 5.5%. The jump in rental costs has been so great, that the increase in the past 12 months is higher than the increase over the four years from 2015 to 2019. 

Several factors have contributed to the sharp increase, including higher mortgage rates for landlords, which have been passed on to tenants, as well as demand for rental properties continuing to far outweigh the supply available.

With demand from tenants in Kent being so high, we are always looking for properties to rent to our extensive database of tenants. Our lettings team at Quealy & Co would be happy to provide a free, no obligation rental valuation of your property.

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The Cheapest Places to Rent a Home Revealed

With rental costs reaching new highs, a study by property portal, Zoopla, has revealed the cheapest areas in the UK to rent a home.

The North East came out on top, where average rents are £649 per month, followed by Northern Ireland, where it’s £749 per month. 

Unsurprisingly, London came bottom of the list. Average rents in the capital have climbed to £2,053 per month – the only part of the UK where rent is more than £2,000 per month. For context, the next highest part of the country to rent in is the South East, where the average cost is £1,254 – around £800 cheaper than the capital. 

However, while London leads the way for rental costs, it’s actually Scotland that saw the biggest increase over the past 12 months. Prices there rose 12.7% over the past year, but with average rents of £748 per month, it’s still some way behind the capital in monetary terms.

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More Property News From Quealy & Co

For more local property news and updates and a more detailed overview of the Sittingbourne, Sheerness, Minster, Faversham, Canterbury, Rainham, Gillingham, Chatham, Rochester and Maidstone, get in touch with Quealy & Co. We are your trusted local estate agent.

Call us 01795 429836 or email hello@quealy.co.uk to chat with a member of our friendly and experienced team about anything to do with moving home.