Happy New Year from Bryce & Co!
Welcome to a pivotal year in the Pembrokeshire property market. Let’s dive into what 2024 holds for buyers, sellers, and investors, armed with the latest data and strategic insights.
2024 Property Market in Pembrokeshire:
As we navigate 2024, it’s clear that understanding the subtleties of the market is key. The Pembrokeshire market is poised for a year of moderate activity, influenced by national economic trends and local demand.
Mortgage Rate Insights for 2024:
A critical element for buyers this year is mortgage rates. As of early January 2024, the average rate for a five-year fixed mortgage is at 5.02%, with a two-year fixed mortgage averaging around 5.43%. These rates are slightly lower than the closing figures of 2023 and could suggest a trend towards more favorable borrowing conditions. For buyers, this means acting sooner rather than later could lock in more advantageous rates.
Navigating the January Market and Beyond:
January often kickstarts the property market, but the real surge is typically in spring. We advise sellers to consider listing their properties by March to capitalise on the increased activity. Buyers should be ready to act during this period, as competition tends to intensify with the warmer weather.
Concrete Advice for First-Time Buyers:
For those looking to enter the market for the first time in 2024, our advice is twofold: Firstly, evaluate your long-term financial stability against current mortgage rates. With rates potentially stabilising, securing a mortgage now could be more beneficial than waiting. Secondly, consider the total cost of homeownership, including mortgage repayments, maintenance, and taxes, to ensure it aligns with your financial planning.
The Impact of Recent Regulatory Changes:
2023’s changes in mortgage affordability rules might offer more flexibility for some buyers in 2024. If you’re considering a mortgage, now might be the time to reassess your borrowing power, keeping in mind that a solid deposit and a stable income are still crucial for favorable loan terms.
Bryce & Co’s Commitment:
Our commitment at Bryce & Co is to provide actionable, data-driven advice. For sellers, we recommend preparing your property for the spring surge by starting the valuation and listing process now. For buyers, especially first-timers, our team is ready to assist in navigating the property market to find homes that match your financial goals.
Looking Ahead:
2024 is a year where informed decision-making will be paramount in the property market. Bryce & Co is here to guide you through each step, offering tailored strategies that reflect the latest market trends.
Contact us to arrange a detailed consultation and make your next property move with confidence.
Here’s to a successful year in the Pembrokeshire property market!
