You may have seen our latest news story in the Northamptonshire Telegraph, which highlighted the fact that house prices in Corby grew by a huge 14% during 2022 and by a staggering 33% in the past five years.
Our latest figures are indicative of much of the country, which saw record-breaking house price increases last year in many areas.
Here in Corby, more than two thirds of the houses sold by Belvoir from October to December were priced between £100,000 and £250,000, with the average sales price in 2022 being £209,119.
The housing market has been turbulent in the past few years and with the current cost of living crisis, with millions of people across the country facing financial hardship, it is likely that things will begin to slow as this year continues.
Both buyers and builders are, understandably, more hesitant about making large financial investments as the rise in interest rates has seen mortgage rates soar.
But rather than house prices drop, they are more likely to plateau momentarily, as demand is still high and supply remains low.
The Stamp Duty change announced in Kwarsi’s autumn mini budget is one of the only measures to have stayed in place to help buyers. The previous Stamp Duty holiday helped to keep the market buoyant so this could have a positive effect on the market and offer some relief to wary house buyers.
Landlords, who will also be impacted by higher mortgage repayments on their properties, are concerned about keeping on top of rent, with almost half of tenants (46.48%) worried that the current economic climate could impact their ability to pay rent as the crisis continues, according to the 2022 State of The Lettings Industry report.
Luckily for our clients, we provide Rent and Legal Protection cover to all our landlords as standard, which means that if you let your property through Belvoir, landlords don’t need to worry about non-paying tenants. They will still receive their rental income each month, guaranteed.
We are delighted to be able to offer this peace of mind for our clients at such an uncertain time.
If you are keen to sell or rent your property in 2023, visit https://www.belvoir.co.uk/corby-estate-agents/ or call Belvoir Corby today on 01536 261666.
