WELLINGTONS NEWSLETTER - JULY 2023
YOUR CAMBERLEY PROPERTY MARKET UPDATE:
New Instruction: 3 bedroom detached home on Wellington Park - £550,000.
Find out more here
We have seen over the past few weeks the base rate rise again by 0.5% to 5%, and mortgage rates rise above 6%. The media are busy speculating about a house price crash...(don't they always) but in reality, the housing market in Camberley has picked up pace with 45 property sales in the last 30 days alone. Buyers appear to be getting used to the new normal in mortgage rates and are keen to lock into one of the current rates before they quite possibly rise again. I've also noticed an uptick in cash buyers looking to purchase across the board.
Zoopla's most recent House Price Index reports that during the first five months of the year, the total number of new sales agreed nearly reached the 5-year average, falling within a 2% difference. This improvement in sales volume has led to a slight rise in the rate of house price growth over a 3-month period. This marks a reversal from the price declines observed in the fourth quarter of 2022 and the first quarter of 2023. Similar trends have been observed in other indices. Their data also showed that over the past four weeks, sales agreed have exceeded the average for the last five years by 8%. This correlates with what I am seeing on the ground but also in other affordable areas across the UK.
While house prices are down year on year, they are holding steady now in the face of tougher market conditions, which should provide some much-needed reassurance to buyers and sellers alike.
A levelling out of prices will be welcome news to homeowners who have seen their property’s value soften in the first half of this year.
As always, if you have any queries and would like a friendly chat, feel free to give me a call on 01276 491 740 or pop me an email lucy.egan@mywellingtons.com
Lucy Egan | Managing Director
Wellingtons
LOCAL NEWS:
On Saturday 15th July, grab your bucket and spade and get down to Park Street, Camberley to build sandcastles or other masterpieces on Love Camberley's small sandy beach!
LATEST ON MORTGAGES:
Another month down. Another period of uncertainty and people still wondering what is going to happen. If only we had that crystal ball to tell us exactly how the economy and housing market is going to pan out over the next 6 – 12 months.
This month we have experienced an increase in the Bank Of England base rate. This currently sits at 5%. We then had the government meeting a lot of the banks to discuss how they are going to assist existing clients with the rising mortgage rates and costs. The outcome of these conversations are still being finalised and we should hear some of the available options in the coming weeks. A majority of the high-street banks are considering the options of temporary interest only payments to assist, however the assistance is still up for review.
It is such a difficult time for existing and new borrowers currently, so if you are concerned about your upcoming mortgage renewal or have enquiries about buying a property, speak to an expert who can provide clear guidance. Nobody knows what is going to happen next and there can be a lot of speculation in the media, however, to ensure you are comfortable and organised, speak to a mortgage advisor and get that peace of mind.
Jamie Stevenson | API - Mortgage Protection Advisor
LOCAL LIFE: OUR FEATURED BUSINESS OF THE MONTH IS....
Rose and May are interior designers specialising in luxury handmade curtains and blinds. Their stylish studio is located on Middleton Road in Camberley, but they cover the Home Counties and London. Rose and May was founded by Hannah and Xenia, who have over 20 years of experience in the industry and have worked with hundreds of happy customers. Their expertise in window treatments is unsurpassed and they can help with even the trickiest window designs. From a simple colour consultancy to a full interior scheme, designed, project managed and implemented, Rose and May are happy to help.
Hannah and Xenia are approachable and friendly, they love to encourage their clients to tap into their own authentic sense of style From a simple colour consultancy to a full interior scheme, designed, project managed and implemented.
If you are feeling a bit lost and wondering how to turn you house into a home, or you would like to put your stamp on your new home, give them a call. They would be very happy to put the kettle on in their amazing studio, where you can see some of their bespoke soft furnishings hanging, view mood boards, flick through fabric books and wall covering samples. They can also help you source any flooring, furniture and lighting required.
Alternatively, take a look at their innovative website to see some of the work they have done. Rose and May offer a free, no-obligation meeting, so feel free to get in touch with them with your design problems, they'd be delighted to help you.
www.roseandmay.in360.co
07734 216 091
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