Partner David Jones Shares Insight on the Mid Wales Property Market for 2023, and Predicts Trends for 2024.

The property market remains resilient despite a challenging economic backdrop, ending the year on a similar tone to that of last year with a shortage of available stock to meet demand from prospective buyers who are still strong in numbers.

As a firm, we have enjoyed a rebrand and facelifted our sales offices. We continue to be proactive in our range of marketing with a modern approach based on the traditional values we know our clients expect from us.

The Bank of England base rate sits at 5.25% for the third consecutive month suggesting that these levels for lending will be the new ‘normal’ and the lower levels we had all become familiar with are unlikely to return.

In terms of mortgages, buyers have embraced the new rates and activity is really quite healthy. New instructions that come to the market have strong viewing enquiries, largely fuelled by the shortage of supply.

Arriving at the correct asking price is key and this has become evident now even more so, further to the correction of values post the pandemic surge.

We have seen an increase in former tenants purchasing their own homes, as more landlords leave the market due to the legislation requirements for privately rented housing stock.

Saying that, the rental market is exceptionally buoyant as are the rental figures achieved.

People still engage well with project properties that require renovation but with the costs of materials and labour being high this does have a bearing on what they are prepared to pay.

By way of contrast, well-refurbished properties with a high standard of finish are well-received in the marketplace.

I believe that a degree of uncertainty this year has held a few people back from committing to sell, however, I think next year people will drive on and there is potential for us to see more choice of properties being available for buyers in the marketplace.

For further information on the current housing market conditions, local or regional, do not hesitate to reach out to your local MMP branch. 

David Jones (BSC (HONS) MRICS FNAEA)

PARTNER

01938 554 818 / Davidjones@morrismarshall.co.uk