What happened to the housing market in 2023? One million homes sold! 🤝
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In 2023 one million homes were sold, as mortgage rates soared to over 6% and house prices fell 1.2%.
Key findings from Zoopla:
🔸 One million homes sold in 2023
🔸 House prices fell 1.2% on average across the UK
🔸 The Bank of England hiked the bank rate five times
🔸 Mortgage rates peaked at 6.44% for a two-year fixed rate
🔸 Standard Variable Rate mortgages hit 8.74%
🔹 Bank rate rises and mortgage rate hikes = Bank rate rose five times in 2023, in three increments of 0.25% in March, May and August, plus two 0.5% rises in January and June, taking it from 3.5% in January to 5.25% today
🔹 What happened to house prices in 2023?
🔹 Which was the best-selling property type in 2023? = Terraced homes
🔹 How many homes rented in 2023? = 432,000
🔹 What happened to the rental market in 2023? = Rents rose 20 months in a row
🔹 How long did it take to sell a house in 2023? = 38 days
🔹 The big news headlines in 2023 = see article
🔹 Most popular property round-ups in 2023 = see article
📩 For detailed information on all of the above, read Zoopla's article in full by clicking here 📩
In today's market, sellers must set the right price from the outset...
🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
🌟 Remote consultant valuation (24-hour response, 80-90% accurate)... Click here 🌟
🌟 Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started 🌟
📸 Left to right: Investments Specialist Emma Travers, Property Management Rosie, Senior Valuer and Asset Manager Lisa Dahl-Parsisson and Head of Maintenance Gary Pringle at Cavendish Residential 📸
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For our Daily Property News | Like, Comment and Share | Click here
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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