Those looking to sell their homes this year may be left wondering what's best to do amid the current mortgage crisis. Millions of homeowners are seeing this monthly repayments soar as a result of the recent interest rate hikes.
While trends vary depending on the area you live, the market generally appears less manic than it was during the frenzied “race for space” previously seen during the coronavirus pandemic. Rightmove property expert Tim Bannister says: “The key for sellers who know what they can afford and are coming to market right now is that they need listen to their agent and price realistically for this more normal market.”There may also be some silver linings in the current market for sellers. While they may find there’s less competition to buy their home, they may also be competing against fewer buyers themselves for the property they want to move into.
Nathan Emerson, CEO of property professionals’ body Propertymark, points out that house prices have already surged in recent years, so many homeowners will still be making an overall gain.Richard Donnell, executive director at property website Zoopla, says: “The rise in mortgage rates has dented buyer demand but sales are still being agreed.”
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