Greycoat Real Estate Encourages Discouraged Buyers to Buy Real Estate
As Greycoat real estate agency specialists recall, the Bank of England (BoE) froze interest rate hikes in September. This, to encourage buyers to purchase real estate, but it wasn’t enough. The market remains sluggish. Potential buyers are not jumping at the chance to obtain a mortgage and won’t do it for the next few months.
Some of those buyers are selling property and are equally hesitant to buy. With their property, they are making little to modest price reductions, Greycoat assures. The Bank of England believes the primary reason is that rising affordability costs stretch their finances too thin. The cost of living is taking the spot that interest rates filled.
Another financial sector that’s eating up finances is credit card and loan rates. Still, there is optimism. By 2024, industry experts expect buyers to re-enter the market. According to Greycoat, that would mean the cost of living would have to reach its peak and bottom out. Meanwhile, the Royal Institution of Chartered Surveyors (RICS) agrees with the Bank of England.
They say the cost of living’s affordability is causing weak real estate demand from potential buyers. Survey takers in their UK Residential Market Survey said there was a decrease in buyer inquiries in September. Conversely, Greycoat adds, the RICS said there was a rise in real estate rental demand from buyers.
Consequently, there was a lack of rental properties to satisfy demand. Greycoat Real Estate encourages buyers to give real estate a chance. We know people in this industry who can find a mortgage suitable for your financial situation. Our team has connections to for-sale and rental properties for residential and commercial buyers. The real estate market is ever-changing, and a no for now is not a no forever.