Market Watch: What’s Happening Now

Average Asking Prices Ease Back

As is typical for this time of year, average asking prices have slipped slightly in August, down by around 1.3%. While that may sound significant, it’s very much in line with the seasonal summer slowdown. The important news is that sales activity remains healthy, with July recording the busiest month of agreed sales since 2020. Sensibly priced homes are still attracting strong buyer interest across Surrey, Hampshire and Berkshire.

Base Rate Cut Brings Relief for Borrowers

The Bank of England has reduced its base rate once again, moving from 4.25% down to 4%. This is the fifth cut in the last year and welcome news for homeowners and buyers alike. Many lenders have already announced reductions to their mortgage rates, meaning lower monthly payments for those on tracker and variable deals. It’s a much-needed boost for affordability and buyer confidence as we head into autumn. If you’re reviewing your mortgage options, our partners at Bridges Financial Services are here to help.

A Market Pausing for Breath

The latest surveys suggest a touch of hesitation across the property market, with some buyers and sellers waiting to see what the autumn budget may bring in terms of tax or policy changes. That said, demand remains steady, particularly in the rental sector, where a shortage of available homes continues to push rents upwards. For landlords, this means continued opportunities – and for tenants, competition remains strong for well-presented properties.

Downsizing on the Up

The trend for downsizing has gathered pace, with transactions rising by more than a third over the past year. For many, it’s about unlocking equity, simplifying lifestyles, and planning for the future. But it’s also an emotional step, especially for those leaving long-term family homes. With thoughtful advice and careful planning, it can be a very positive move – and our team at Bridges is here to make it as smooth as possible.

Thinking About Your Next Move?

If you’re considering a move, now’s the perfect time to act. Whether you’re selling, buying, letting or renting, Bridges are here to guide you through every step of the process – from valuation to sale to moving into your dream home.