Confidence returning to Ashford, Kent’s Property Market
Author: Mockford & Hunt Estate Agents
Date: 27/03/2023
The housing market in Ashford, Kent has been particularly turbulent over the past 5 months. With the ongoing banking crisis, several increases to the Base Rate, and rising inflation all culminating in higher mortgage repayments and less disposable income amongst the population. Combine these issues with the on-going cost of living crisis and it’s unsurprising why so many have decided to postpone their plans to move, buy or sell.
Until very recently, only the most motivated individuals have embarked on the journey of buying or moving home. Those among them having compelling enough reasons to wrap up and face the storm ahead.
How is the market in Ashford looking more positive?
We know first hand that buyer and seller confidence has improved. As estate agents, we have the privilege of talking to many residents in and around Ashford, this puts us in a great position to assess consumer confidence at source. Nonetheless, our figures also paint a far brighter picture as we’ve introduced more properties to the market and agreed even more sales than we had during the same period in 2022.
Why has confidence improved?
A combination of factors can be attributed to this welcome growth in confidence. Fuel prices have become far more manageable, when you consider diesel and petrol were hovering around the two pounds a litre mark at their highest. This has a knock on effect to most businesses as transportation costs have reduced meaning that industries/ retailers can start to relay the reduction in costs to their consumers.
Will my energy bills reduce in forth coming months?
The Government extended the period in which the energy rates are capped at the existing rate from April 2023 until July 2023. As discussed in Martin Lewis’s TV broadcast – Money Saving Expert on 7th March, the expectation is that in the second quarter of the year, we will see a significant reduction in energy rates as the rate per unit is finally relayed to the consumer.
When Mockford and Hunt met with M.P Damien Green last month, he also spoke to us about his prediction of energy prices falling come the Summer.
Already the wholesale energy rates reduced in the Autumn of last year but there is always a time lag as to when this filters down to the user.
“Because wholesale rates are going down, in July we’re expecting prices to be 20% less than they are now. Finally! I mean, they’re still hideously expensive, but they are going to be coming down.”
Martin Lewis
What is happening to the mortgage market?
Despite the ongoing banking crisis and further increases to the Base Rate, it seems that mortgage interest rates are actually reducing for the time being. This is mainly due to the competition between lenders, who are all fighting for a significantly smaller number of prospective borrowers than they’re used to. You can read more about this here.
If you’re in the market for mortgage advice, then you should definitely consider Prospect Tree Mortgages. Mockford & Hunt work in partnership with Prospect Tree Mortgages to ensure their customers have access to the best mortgage deals available to them. You can book a free appointment with them by clicking here.
Ten out of ten
Mockford & Hunt estate agents introduced me to Graeme Childs. He has helped with my remortgage. He was prompt and communicated well to help submit the paper work. I would use their service again future and recommend them to my friends. Ten on ten! Excellent service!
Is now a good time to move?
Again a combination of key factors are all heading in the right direction which is having a positive effect on buyer confidence. Now with Spring just round the corner and more homes on the market to choose from, this could well be a great time to move to a new home.
Just contact us now for a free valuation. Tel 01233 367606 or email us at sales@mockfordandhunt.co.uk Also, get in touch If you are looking to buy and want to be added to our WhatsApp broadcast list, giving you preview access to our new homes coming to the market.