Book a Property Valuation
logo

Regional Property Market Update Spring 2023: North West

Posted on: Friday, March 17, 2023

Stepping into spring

Despite the brake on house-price growth, the market, as well as economic outlook, is showing tentative green shoots as we head towards spring.

There has been a welcome fall in mortgage rates, with rates of below 4% for lower loan-to-value mortgages. Typical costs of a two-year deal and five-year fixed-rate mortgage have fallen back to where they were in October 2022, in spite of the Bank of England Bank Rate rising by 1.75% during this period. There has also been a rise in the number of mortgage products, with over 4,000 different products now available. The number of days a product is available before it is withdrawn has also increased, now at 28 days, up from just 15 days in January, the highest level since March 2022 (Zoopla).

North West England

 

Outlook

The housing market and economy are closely interlinked, and despite the rising cost of living, the rate of inflation has slowed and is expected to fall back over the course of the year. Employment levels remain strong, GDP forecasts are improving and any recession is expected to be less severe than first predicted. Prices are softening but many sellers continue to be over-optimistic on price. With supply returning to more normal levels, up 60% compared to a year ago, there is more choice for prospective purchasers and Zoopla report the average discount to asking price is currently 4.5%.

The British are a nation of home lovers and the pursuit of home ownership is one of our main aspirations. Newly released data from the 2021 census reveals that of the 24.8 million households in England and Wales, 15.3 million are in home ownership, the equivalent to 61.6%. For the first time since the collection of mortgage data started, more than half (53.3%) of all owner-occupied homes are owned outright, as opposed to with a mortgage or loan. Private rented property is however still in demand, with over one million more households living in the private rental sector than ten years ago.

In the North West 62.8% of households are in home ownership, marginally above the average for England and Wales; 53.5% of homeowners own outright, 46.5% have a mortgage or loan.

North West England

Market dynamics

The pendulum is swinging back in favour of the buyer as 2023 unfurls. Although the number of properties available to sell remains lower than the last so-called normal market of 2019, the supply of new stock to the market is higher than a year ago, offering buyers more choice. The time taken to sell a property is edging upwards and sellers need to be sensible when pricing their property to reflect market conditions. Across 2023, sales volumes are expected to pare back to pre-pandemic levels of around 1 million.

Houses remain the most sought-after property choice for new buyers across the market, but the proportion of prospective purchasers seeking an apartment has risen. Although 39% of new buyers are looking for a three-bed house, the most in-demand property type, Hometrack report that more than three in ten buyers are now looking to purchase an apartment. Of sales recorded in the North West in 2022, one in eight were apartments.

 

 

Contact us

Sell your property with your local expert this winter. Contact your local Guild Member today.

 

What Our
Clients Say

"

I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

"

Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

"

Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

"

We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

"

I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

"

We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

Book a Valuation