Following today’s ONS House Price Index which found that the UK residential transactions in February 2023 decreased by 0.3% on a seasonally adjusted basis, Nick Leeming, Chairman of Jackson-Stops, comments: “The property market has turned into a marathon from a sprint. While there is still a long way to go, the market has cleared the first jump relatively unscathed. Today’s figures show a soft repricing, which marks a more stable period for house price values following the supersonic heights reached this time last year.

“Even in the last two months, the economic picture is becoming much more stable. Mortgage deals are also returning to the market after a short hiatus in the immediate aftermath of Trussenomics.

“Market conditions and an under reliance on outside funding has left cash buyers in a fortunate position, able to push ahead with quick completions and benefit from the increasing number of properties entering the market.

“Across the Jackson-Stops national network, we are seeing strong demand from buyers in commuter markets such as Midhurst, Tunbridge Wells, Reigate, and Chelmsford, with prospective buyers outweighing new instructions by at least 40%.

“With rents soaring ever higher, getting on the property ladder remains a priority for first-time buyers, keeping all tiers of the market moving where supply is strong.

“Those that have recently sold their homes and have been able to capitalise on the exponential rise in property values may now find themselves in a position to buy their next home mortgage free, and not having to compromise on size or specification. Boomers will be the driving momentum in the housing market for the remainder of 2023.”