The last 12 months have seen noticeable change for the property market following the post Covid boom experienced from the latter part of 2020 through to the middle of 2022. Mortgage rates have followed a rise in interest rates which, together with an increase to the general cost of living will, inevitably, be a consideration for many buyers and potential sellers when deciding on their next move.

The market has seemingly been in a transitional phase while adjusting to these changes, but latterly we have seen some stability beginning to return. It would be wrong to say that there are not still some headwinds for the market, but as interest rates are starting to settle and inflation is reportedly falling, there is evidently a more positive attitude ‘out there’, and a view that the doom and gloom forecast last autumn was knee jerk and has not been borne out.

Covering Cheshire, Lancashire and North Wales, this trend appears relatively consistent particularly for the property in prime locations. Indeed, we have seen a noticeable increase in activity in the last couple of months, coinciding with a better time of year generally, both in terms of buyer registrations and instructions, albeit the market remains short of quality property which in itself is helping to support property values.

To illustrate the point, four examples are cited below:

In West Cheshire, in the popular village of Kelsall, Greenacres was offered for sale in early April and enjoyed competitive bidding, with excellent interest and a sale agreed in excess of the guide price.
 

Across the border into North Wales, The Manor House, near Rossett was launched for sale at the beginning of May, and following over a dozen viewings, five offers were received, with a sale now agreed.

 

Back into Cheshire and on the edge of the village of Bunbury near Tarporley is the charming Holly Cottage. After many viewings and two aborted sales because of changes to buyers' circumstances, the property is now back under offer, interestingly highlighting that despite the fluctuations of the last 12 months, demand is holding up very well.

In summary, there has clearly been significant changes to the economic climate in the last 12 months, and the property market is having to adjust, but what is apparent is that with the all-important honest advice, excellent presentation and sensible pricing, the market remains active.