Salisbury house market has ‘surprising’ revelation
House prices have dropped, according to the Halifax House Price Index
A Salisbury-based estate agent has told us the market in the city has a ‘surprise’ in its current state.
Tony Williams from HW White told Greatest Hits Radio that different price brackets are moving at different rates, with the lower price bracket being ‘surprisingly stable’, while it’s the higher price bracket that they’ve been struggling to sell at the same price.
It follows Halifax revealing that average property prices dropped for the sixth straight month in September, although prices remain 1% higher than in December 2021, where base interest rates rose from 0.1% to 0.25%.
Tony said mortgage rates are still playing a significant role in house prices.
“Someone comes off a fixed rate mortgage and they get whacked with a five-times increase on payments.
“I think people are planning ahead, they’re thinking ‘what if, in 6 months time, when my mortgage rate changes, we’ll put our house on the market.”
Tony added that there’s more stock on the market but fewer buyers as people are waiting to see what happens with rates.
And with rates continuing to fall, is this trend set to carry on into 2024?
Tony believes the market will begin to turn, although it would be more of a gentle uplift rather than something more dramatic.
“I think mortgage rates are going to come down, inflation looks as though it’s under control, the financial markets think things are going to improve.
“And in addition to that, you’ve this massive under-supply.”