Glasgow West End Property Advice
A Fresh Start for 2023
We’d like to wish all Westender Magazine readers a very happy and healthy 2023. With the rollercoaster of 2022 behind us, we are looking forward to some more settled weather in the Glasgow property market this year – but we don’t think we will get there without a few ups and downs first.
Falling mortgage rates are the key to more stability
Whilst we keep a close eye on the financial and political landscapes, we know that a fall in mortgage rates is what we need to see a return to a more buoyant housing market. The latest Bank of England projections state the Bank of England Base Rate could reach 5.2% in the fourth quarter of 2023, before falling to 4.7% in 2024 and 4.4% in 2025. The bank rate is the most important interest rate and is a strong indication of what we can expect to see in other rates.
A year of recalibration
It is anticipated house prices will fall by 5% in 2023. The year will see the housing market rebalance and adjust to the new normal of higher interest rates. Remembering of course, that buyers are often sellers, the increase also balances itself out, if properties retain value and achieve or exceed asking prices.
First time buyers as always, can be amongst the hardest hit in a climate such as this. The interest rates on new mortgages can be hard to swallow too. But the benefits of having nothing to sell puts these buyers in a unique position of confidence, knowing where they stand and not depending on any third party in the sales process. A small bit of comfort when other outside factors are making such an impact on finances.
Up to the minute advice
The property market in Glasgow, and indeed the whole of the UK, is still changing rapidly and often unpredictably. And if you want up to date information or advice, or just an informal chat we’d love to hear from you at Walker Wylie. Give us a call on 0141 404 1333 or email us at info@walkerwylie.co.uk
Glasgow West End Property Advice Walker Wylie Estate Agents
Walker Wylie Estate Agents
148 Woodlands Road
G3 6LF
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