With the housing market starting to stabilise, more homes are coming up for sale, meaning there are more properties available for buyers to choose from.

Good news for buyers, as they now have more choice when it comes to finding their ideal home to move into.

With more stock coming onto the market, it reduces the upward pressure on property prices. This is significant, especially with the rise in mortgage rates, as it somewhat creates a balance between the levelling of house prices vs the increase in mortgage rates, thus creating a balanced housing market.

According to industry experts, house prices shouldn't crash, but rather have a shake-out. However, this does mean that having a correct valuation when placing an asking price is important.

With prices not rising as quickly as seen before, it’s important to have the correct asking price when selling your home, as otherwise, you may get into a negotiating battle or your property may remain in the market for a long time.

Our team at Danvers will give you a correct valuation for your property and will guide you to what the asking price of your property should be. Click HERE for your FREE online valuation.

The slowdown in house prices will also bring the market back to a more normalised housing market, compared to the one we have seen over the last couple of years.

Industry experts feel that more properties in the market is good for the stabilisation of the housing market, however, they don’t think that there will be an over-supply of properties in 2023.

They also predict that the housing market won’t fall dramatically, as expected with the previous government leadership. The Bank of England is forecasting that inflation will fall sharply next year and reach below its 2% target in two years’ time, and close to zero in three years, which will lead to lower mortgage rates.

Lower inflation will should mean lower mortgage rates and living costs, which in turn will start promoting the housing market once more. Over the next two years, it's expected that the housing market will stabilise and not fall drastically as once thought.

Overall, a stable market is good news for everyone. If you are selling your home, you should achieve a good asking price in comparison to two years ago. If you are buying, you should find more properties on the market to choose from.

With house prices not expecting to dip as once expected, this brings good news for existing homeowners, as they shouldn’t go into negative equity.

Whether you are looking to buy or sell your property, speak with one of our property experts today by calling us on 0116 275 8888.