Credit: On The Market Expert
Housing Market Confidence in March 2024: Insights from Cardwells Estate Agents
Cardwells Estate Agents provides insights into the evolving landscape of the housing market in March 2024, highlighting a blend of cautious optimism and price sensitivity among buyers and sellers. Despite ongoing uncertainties, including interest rate speculation and affordability concerns, the market demonstrates resilience and activity.
Andrew Cardwell, Managing Director of Cardwells Estate Agents in the North West, offers a nuanced view of the market dynamics in Bolton and Bury. He observes a cautious yet optimistic sentiment prevailing among sellers and buyers, with a focus on practicality over haste in property transactions. While mortgage lenders’ strategic rate reductions hint at potential interest rate adjustments by the Bank of England, current high interest rates contribute to varying market dynamics across price segments.
The sales market in Bolton and Bury reflects a mix of steady instructions and a gradually expanding property inventory, signaling a positive trajectory for market growth in 2024. However, the rental market continues to grapple with supply shortages, resulting in upward pressure on rental prices. Landlords, responding to tax changes and regulatory uncertainties, are gradually transitioning away from the rental business model, further impacting rental supply dynamics.
Andrew Cardwell’s Perspective on Market Dynamics
Cardwell notes the increasing competitiveness in the rental market, with landlords enjoying the flexibility to choose tenants amidst heightened demand. Despite challenges, the sales market maintains its momentum, driven by a steady influx of properties and evolving buyer preferences.
In summary, Andrew Cardwell’s assessment underscores the nuanced dynamics shaping the housing market in March 2024. While cautious optimism prevails, practical considerations and market fundamentals guide both sellers and buyers in navigating the evolving landscape of property transactions.
