16th October 2023
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🍂 Autumn Update from Orange Sales and Lettings
Hello from Orange Sales and Lettings!
Whilst we have seen the end of summer we look to autumn with anticipation. Here in the Northeast we are spoilt for choice when it comes to seeing the autumn colour. As the leaves change and the weather cools, it is now is time to reflect and look at the current state of the property market.
Interested in interest rates?
The Bank of England for the first time since December 2021 have held interest rates at 5.25% after 14 in interest rate rises. What does this mean? In short – the Bank of England is trying to tackle inflation. Inflation dropped in August by 0.1% and whilst this is a small drop, inflation is anticipated to rise due to fuel costs.
What about mortgages?
Well, mortgages have remained fairly stable with some decreases in interest rates on certain mortgages packages. The industry are predicting that the base rate may be at the peak but it will take some time for these rates to come down.
So what does this mean?
Well, ultimately this is the current state of the market and economy we need to live in at present. There are signs that things will improve, but we are going to save judgement on that just yet.
However, what we are seen is property is still coming onto the market and people are still keen to make their next move, so all is not lost.
Looking for your next move this autumn?
Autumn brings with it a unique charm, with the colourful foliage and crisp air creating a perfect backdrop for cosy moments at home. It's a season of transformation, and if you are looking to transform your living space whether that be property refurbishments, sales or lettings we are on hand to help you navigate your next moved.
So, if you want to look at your next move why not get in touch. Our team are here to help.
Contact us
lettings@orangesalesandlettings.co.uk
01916030484