The headlines will tell you one story about the property market. High mortgage rates, stamp duty pain, and affordability slipping out of reach. But on the ground here in 1066 Country, something different is happening.
In this edition of 1066 Property Insider, we look at what’s really going on at the busiest end of the local market.
Mortgage rates and the affordability picture
Rates haven’t collapsed. Average fixed deals are a fraction higher than they were a year ago. But lenders are competing hard, and the right borrower can still find some genuinely good deals.
More importantly, price movements since the Covid-19 property boom mean many first-time buyers can now afford a house rather than a flat, sidestepping the ground rent and service charges that can eat into monthly budgets. Set that against rapidly rising rents, and buying starts to look rather more attractive than the headlines would have you believe.
The stamp duty sweet spot
Qualifying first-time buyers currently pay nothing on purchases up to £300,000. At £350,000, the bill is just £2,500. That threshold matters because £350,000 and below is currently the busiest part of our local market, with first-time buyers driving much of the activity.
We’re already seeing available stock in this price range beginning to fall. The £300,000 threshold is even creating a pricing chokepoint with sellers deliberately positioning homes just below it to capture that first-time buyer demand.
Which means there are some real bargains to be had in that price point.
What it means for the rest of the ladder
We won’t pretend that the market is booming. But the balance is shifting for first-time buyers, and the current window may well be better than the news would suggest.
For existing homeowners, that stronger demand at the bottom of the market makes this a particularly good time to think about moving up the ladder.
That’s the latest from 1066 Property Insider. Covering what’s actually happening on the ground, not just what you read in the headlines. Hit play below to watch the full video, and get in touch with your local Rush Witt & Wilson office if you’d like to know what any of this might mean for you.
