It cannot be denied that the UK housing market can be described as ‘subdued’ The sale and Transfer of properties is inconsistent across the country and in even the best spots it is sporadic at best.   A recent survey by the Centre for Economics and Business Research has shown that homes in cities and major towns were on the market for 102 days on average before being sold or put under offer, and that equates to being six days longer than in 2017.

And it is not just the actual sales that are taking time. Getting completion on a sale is taking longer and deals are becoming more protracted, sapping the resolve of buyers, and many commentators are predicting the same for the rest of 2019, with the market treading water rather than recovering significantly.

The upshot of this is that people are likely to seek alternatives to moving for the usual reasons of upscaling, and properties will increasingly go on the market as a result of death, debt and divorce. People will still have to move for work or for schools, or because they are attracted by a discount, but this will probably be less common than in previous years. That in itself helps to take a good deal of volatility out of the market, but it isn’t helping the situation overall, as it restricts the amount of properties available and leads to a log-jam.

However, the property market is nothing if not resilient – as demonstrated by the recovery from the 2008 crash.  Yes, it did take some years to fully recover, but lessons were learned and it is now far stronger than in the years leading up to the crash.  And those lessons are being continued, with people more fearful of overstretching their finances and taking on too much debt, so they would prefer to take their time and evaluate all the factors before taking the plunge.

And there are plenty of good mortgage deals around to entice them when they do decide that the time is right.  It is currently a buyers’ market for those already on the ladder with a glut of houses around and lots of juicy offers on mortgages.  It may perhaps be less enabling for first time buyers, but the Government recognises the need for affordable housing and there will be more projects coming on the market.

So yes, the market is starting to lose some of the volatility that led to a boom and bust market, and it is being driven by people being more careful. There are many house building projects around that seem to be struggling to sell, but that is because prospective buyers are taking time to make the right decision rather than grabbing whatever they can at the first opportunity and living with the consequences later.

If you are thinking of moving, or simply want to review your current situation, and are looking for a mortgage, come and chat to us at Grange Mortgages and put your mind at ease.