Good news with the drop in interest rates. Whilst only a nominal reduction, it is positive new s and will hopefully trigger increased market activity.
Market conditions remain challenging with prices remaining under pressure with a considerable excess of housing chasing too few buyers. Without doubt the current climate offers excellent buying opportunities for all sectors of the market. New Investors and Buyers will be gratified to see yields rising as property values fall. This will ultimately see them enter the market in greater numbers. Rents have also been under some pressure though not to the same extent as property prices. This can likely be put down to a lack of confidence in the economy and a desire to reduce household overheads.
With Christmas and the New Year approaching there is little chance that we shall see any improvement in the short term. It will be interesting to see what Santa delivers for the market in the New Year.
Until next time…..