Ramsbottom: 3 reasons to pack your bags and move here!
At Pearson Ferrier, we’ve dedicated over a quarter of a century to helping families discover their ideal homes in the uniquely charming town of ...
As 2023 draws to a close, we can look back on what has been a challenging year for many, ourselves being no exception.
However, with the festive season in full swing and plenty of cautious excitement for the year ahead, it’s important to see the positives wherever we can, whilst learning and embracing the challenges that this year has brought us.
The year has been a strange one in terms of property trends and economic conditions. However, we’re pleased to report that recent statistics show we’re finishing the year on solid ground, with the strongest average house prices we’ve seen in nine months.
We caught up with Julian Ferrier, our Pearson Director, to take a closer look at what 2023 has looked like for us and the property market…
Our thoughts on the 2023 property market…
“If we flashback to the mini budget in September 2022, we saw interest rates rise at a faster pace than we had experienced in almost two decades. This was alarming at the time, and whilst people might have argued this was inevitable, the consequences of it were felt by many.”
“Coupled with the ongoing cost of living crisis, many of our potential buyers were startled by the new rates and quickly began to reassess their budgets and what was affordable,” explains Julian.
“That said, we started 2023 in a buoyant mood with healthy levels of sales and lettings being agreed and an air of optimism. However, as the year wore on, levels of activity slowed down in sales, and with it, the first fall in property values was seen for quite some time.”
“Perhaps this was the ying to the yang of the surge in prices that we saw following lockdown in 2020.”
Looking to the future…
“For those of us old enough to remember more than one recession, this is not and certainly won’t be our last rodeo! Just as we have in the past, we have the experience to ride out these rougher times and set off in search of smoother waters.”
“In fact, as a silver lining for many, in recent months, inflation has started to drop significantly and is now more than half of what it was in January, according to the Office for National Statistics (ONS). Drops in inflation often lead to more stable prices for homes and make the overall cost of buying a house more predictable, encouraging buyers to see what’s out there.”
What about getting a mortgage for a house? Julian continues, “Well, the Bank of England has kept interest rates steady at 5.25% for some time now. Furthermore, they’re expected to drop to 4.7% by the end of 2024. As you’ll know, lower interest rates make getting an affordable mortgage much easier, further encouraging a steady property market.”
“Coupled with the fact that the economy continues to grow with wage growth and relatively strong employment levels, consumer confidence is said to have surged in November, according to the GfK Consumer Confidence Tracker. These are positive signs that we are coming out of the woods.”
Our 2023 property market achievements…
So there we have it. It certainly isn’t all bad news! Here at Pearson Ferrier, the year has been marked by numerous achievements, including a significant number of property sales, agreed tenancies and commercial leases.
We’ve successfully helped dozens of local individuals, families and businesses transition smoothly into their new homes – and we’re as proud as ever of our strong ties to the community.
Internally, the rising star on our Christmas Tree this year goes to Simon and all of his fantastic efforts within our Auctions department. His dedication and skillset have led to several highly successful auctions, culminating in a particularly memorable one last week. A huge thank you from all of us!
Moving forward with excitement…
Our resolutions going forward into 2024 are, as always, to do what we’ve always done, but perhaps a little better, a little smoother, and a little more technically advanced moving forward.
Never one to rest on our laurels, it’s our commitment to growth that has seen us as your local property experts for over 25 years. But equally, our traditional values of honesty, integrity and compassion are facets of what we do that we don’t plan on losing touch with.
To all of our clients, partners, employees and fellow local businesses – whatever your plans are for the festive season, please enjoy, kick back and relax. We hope you have a fantastic time with your loved ones. And, whenever you’re ready in the New Year, the team here are waiting to help with advice and recommendations to get you moving.
All the very best from our team, and see you in 2024!
