Mortgage Rate Competition Creeps Up as Popular Hampshire Housing Market Looks to Heat Up

The UK housing market has been the subject of much debate for years. Over the last two years alone, we’ve seen house prices surge to unprecedented highs. Inevitably, they eventually came back down. What perhaps wasn’t inevitable was that a seemingly innocuous budget from the government led to rapid market turmoil. The mini-budget, as it was known, was the straw that broke the camel’s back.

Since that fateful September day in 2022, markets have been trying to recover. Signs of progress seem to have been picking up pace in early 2024. It was found that in March, more mortgages were given the green light than at any time over the last 17 months. There was a small dip in house prices, but momentum looks to be growing. Alongside this, reports from early April point to a more competitive mortgage rates space.

The Hampshire housing market has notoriously been strong. Even over the last year, the average house price remained high. So, perhaps homeowners in Andover can start to eye up the market in 2024.

Hampshire housing holding strong

The average house price in the UK was around £285,000 at the end of last year. In January 2024, East Hampshire prices were significantly higher than this. Even with a three per cent drop, the average price came in at £432,000. For Hampshire as a whole, the average price was £411,000. Detached houses, however, were going for over £650,000. In Andover specifically, just over £320,000 was the average price listed for the last year.

Against the UK average, house prices remained high even during a year of recovery. The county’s proximity to London is helping this. From Andover, a direct train takes less than an hour to get to Clapham Junction. From there, Victoria is a seven-minute train away. The UK housing market looks to be heating up again. So, those in Hampshire may be able to capitalise.

Readying for a potentially hot market

Trends are pointing to the UK housing market heating up. Being in a place of high house prices as a standard, some in Andover will be looking to jump in once the market has proven to be hot. After all, selling in Hampshire and buying somewhere else could pocket a good chunk of change. Moving isn’t always a smooth process. However, it can be made easier by following the moving house checklist provided.

The 14-point checklist from the UK-operating housing platform takes you from speaking to the conveyancing solicitor to giving your old property a good clean. As the site specialises in letting customers choose their completion date and can offer a free cash offer in minutes, they clearly know how to help people get moving. The key in 2024 will be timing.

As you can receive funds in as little as seven days, the timing comes down to when you decide to put the house on the market. Typically, spring is the best time of year to sell. The weather plays into this a fair bit. However, this spring has been particularly dreary. So, perhaps the early summer months, but always before the end of the holidays, will create a better selling environment.

If you’re looking to sell a house in Hampshire, 2024 might present a golden opportunity to do so.