It’s a rare occurrence to find the property sales market performing better in November than in September, but this year, that was indeed the case. The explanation for this unexpected trend is straightforward: the economic outlook has shown significant improvement over the past three months.
Inflation has decreased to below 5%, marking a notable shift in the economic landscape. Additionally, the most competitive 5-year fixed-rate mortgage rates have dipped to under 4.5%, making home financing more accessible for buyers. Furthermore, speculation surrounding the bank rate has shifted; discussions are now increasingly focused on the timing of the next rate cut rather than concerns about further increases.
This combination of factors has fostered a more favourable environment for property sales, encouraging both buyers and sellers to engage in the market with renewed confidence. As a result, we are witnessing a revitalization in property transactions, suggesting a positive trend for the months ahead.