January 2020 has brought confidence back to the property market
PUBLISHED: 12:33 24 January 2020 | UPDATED: 16:59 24 January 2020
I think I speak for us all when I say 2019 was a political and emotional rollercoaster. Whichever way you voted in the General Election, there’s no doubt that there’s been an overwhelming turnaround in the property market in the past month.
January is always a busier time - after Christmas and all the visits to see relatives, we're full of new ideas about what makes a home feel like home. Maybe you're inspired after Christmas spent in your parents' fabulously spacious kitchen/dining room, or a Boxing Day admiring the stunning recent extension at your brother's house.
Either way, 2020 feels completely different across our three branches and Rightmove's statistics back this confidence up.
According to Rightmove, there was a 2.3pc monthly surge in the average price of property coming to market between December 8-January 11 - the largest monthly rise it has ever recorded at that time of year. Enquiries to estate agents were also up by 15pc compared to the same period a year ago.
There is a new 'B' word on the block, and it's not Brexit.
'Bouncebackability' reflects the sense that first-time buyers have regained confidence, and rightly so with such affordable lending - one lender is currently offering 1.46pc above base rate for a five year fixed deal. Crazy!
We have close relationships with agents in London, Cambridge, Hertfordshire and Colchester, to help those looking to relocate to the beautiful Norfolk countryside. All of our contacts are amazed by the amount of buyer enquiries, and home owners no longer sitting on the fence.
Right now, first-time buyers are hunting, families are keen to upsize, investors are buying renovation projects and those that once lacked confidence are now filled with enthusiasm.
If you are thinking of moving, now is a great time for both buying and selling, as renewed confidence boosts the market.
At Minors & Brady, we have been instructed to sell over 140 new properties in January across our branches in Wroxham, covering Norwich, Caister-on-Sea and Dereham.
With all this change in the market, go and get your property valued, even if it was valued in 2019. An up-to-date, accurate valuation will ensure you know where you stand on current market value and saleability - you may be surprised by the results.
For a free property valuation across Norfolk, give our team a call today on 01603 783088 to arrange a suitable day and time for you.
Each month I'll be sharing my views in a new column in the Eastern Daily Press. Look out for the next one and feel free to e-mail me any property queries you may have in the meantime.
This column is sponsored by Minors & Brady.
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