Property prices have risen sharply over the last 2 and a bit years, the latest House Price Index tells us we have experienced an increase of 15.5% in the last 12 months.
So let’s just say the market drops by 15% in theory we would only really see the average property value back where it was in July 2021.!
If you sell for 10% less then you buy for 10% less….. it’s all relative.
The current pause taken by buyers needing a mortgage is perfectly understandable enabling them to plan their next move, this is when using a financial advisor is absolutely key.
However, a high percentage of buyer moving within Cumbria or relocating to The Lake District are cash buyers or fully own their own homes meaning we get a slight buffer from economic changes affecting the property market here, any predictions at this time are not really of any use as things are changing too quickly at the present time.
Technically the demand is still high and the supply is still low so no huge decrease has been felt in the central Lakes at this time, just a slight readjustment to prices in a downwards motion something that we were seeing before the mini-budget.
This could all change and as a local property professional, I am closely watching this situation.
Lake District Relocation 