If you’re thinking about buying or selling a house in Chester, you’ve probably noticed that the property market feels a little different compared with this time last year.
Mortgage rates, the cost of living, the economy and, more recently, the ongoing conflict involving Iran have all created a bit more uncertainty. But does that mean the Chester property market is struggling?
Not necessarily.
From what we’re seeing, it’s more a case of buyers being careful, sellers needing to be realistic and everyone paying much closer attention to the numbers.
So, what has actually changed?
The biggest difference between the market now and the market a year ago is probably confidence.
People are still buying houses. People are still selling. There are still plenty of houses for sale in Chester and buyers looking for their next home.
But buyers are taking their time.
With mortgage payments still considerably more important to household budgets than they were a few years ago, buyers aren’t necessarily rushing into the first property they see.
They’re comparing properties, checking what else is available and, quite rightly, looking closely at what they’re getting for their money.
That’s why getting the price right when you’re selling your house in Chester is so important.
What are Chester house prices doing?
The good news for homeowners is that Chester house prices haven’t suddenly fallen off a cliff.
Latest sold-price figures show that properties in Chester have been selling for broadly similar prices to the previous year, with the overall average sold price sitting at around £303,000 over the last 12 months.
Of course, averages don’t tell the whole story.
A two-bedroom flat in Chester city centre isn’t going to behave in exactly the same way as a four-bedroom detached house in a popular family area.
Location, condition, parking, garden, school catchments and, perhaps most importantly, the asking price can all make a huge difference.
That’s why if you’re asking “what is my house worth in Chester?”, looking at a national average isn’t enough.
You need to know what buyers are actually prepared to pay for a property like yours in your area.
Buyers have more choice — and that matters
One thing we’ve noticed is that buyers generally have more properties to compare.
That can be good news if you’re looking to buy a house in Chester.
You don’t necessarily have to jump at the first property that comes along. You can take your time, compare prices and work out which property actually represents good value for you.
For sellers, however, it means competition is tougher.
If there are five similar properties available and yours is priced £20,000 higher than the others, buyers have plenty of opportunity to look elsewhere.
That’s why we always believe in being realistic with valuations.
It’s not about telling a seller the biggest number just to win the instruction.
It’s about looking at the market and working out where the property is likely to attract genuine buyers.
And then there’s the mortgage market…
Of course, we can’t talk about the housing market without talking about mortgages.
Mortgage rates remain one of the biggest factors influencing what people can afford.
The Bank of England’s Bank Rate is currently 3.75%, but that doesn’t automatically mean every mortgage rate is going to fall.
Fixed mortgage rates are affected by other factors, including swap rates and lenders’ expectations about where interest rates are heading.
For buyers, that means it’s important to look beyond the headline rate.
A slightly lower interest rate might not necessarily be the cheapest overall deal if it comes with a large arrangement fee, for example.
And the most important number for many people is still the same:
“What will my monthly payment actually be?”
That’s where speaking to a mortgage adviser can make a real difference.
What has the Iran conflict got to do with mortgages?
It might seem strange to mention the war involving Iran in a blog about Chester houses for sale, but global events can have a surprisingly big effect on your mortgage.
The ongoing conflict has contributed to volatility in energy and commodity prices.
Higher energy prices can feed into inflation, and inflation is something the Bank of England watches very closely when making decisions about interest rates.
That creates uncertainty for borrowers.
We’ve already seen periods where financial markets have reacted to developments in the Middle East, which can have an impact on the cost of fixed-rate borrowing.
It doesn’t mean mortgage rates will automatically shoot up every time there is bad news.
But it does mean that anyone coming to the end of a fixed-rate mortgage shouldn’t simply assume that rates will be lower by the time their deal finishes.
Coming to the end of your fixed-rate mortgage?
This is one of the biggest things we would encourage homeowners to think about.
If your fixed-rate mortgage ends in the next few months, don’t leave it until the last minute.
You can often start looking at your options well before your current deal finishes.
That could mean looking at a new deal with your existing lender, comparing other lenders or considering whether your circumstances have changed enough to make a different type of mortgage more suitable.
For example, you may have:
- Built up more equity in your property
- Increased your income
- Paid down part of your mortgage
- Improved your credit position
- Changed your plans
- Decided to move house
- Considered raising capital for home improvements
Your circumstances today might be very different from when you took your current mortgage.
That’s why a mortgage review can be worthwhile.
What does all of this mean if you’re selling?
If you’re thinking “I want to sell my house in Chester”, we’d say don’t get too caught up in headlines about whether the UK housing market is “up” or “down”.
Your local market is what matters.
A property that is priced correctly and marketed properly can still attract buyers.
The key is understanding what your property is actually worth today, rather than basing your asking price on what your neighbour sold for two years ago or what you paid for the property.
Buyers have access to an enormous amount of information now.
They can see what similar properties are advertised for, look at previous sold prices and compare your property with others in a matter of minutes.
So your property needs to give them a reason to book a viewing.
And if you’re looking to buy?
There are still opportunities for buyers.
If you’re searching for property for sale in Chester, don’t just look at the asking price.
Work out what the property is going to cost you each month, what work it needs and whether the mortgage is affordable for you.
And if you’ve found a property you love, having your mortgage sorted in principle can put you in a much stronger position when it comes to making an offer.
So, what’s our view of the Chester property market?
If we had to sum up the current market in a few words, we’d say:
It’s steady, but buyers are being careful.
We’re not seeing a market where everything is selling within hours regardless of price.
But we’re also not seeing a market where nobody wants to move.
People still need to move for work, family, schools, upsizing, downsizing, relationship changes and all the other reasons people move home.
The difference is that buyers are more informed and more cautious.
That makes correct pricing, good marketing and honest advice more important than ever.
Whether you’re looking to sell your house in Chester, searching for your next home or simply wondering how much your Chester property is worth, getting an up-to-date local valuation is a good place to start.
Thinking of selling?
At A Move Homes, we specialise in helping people buy and sell property across Chester and the surrounding areas.
If you’re considering moving but aren’t quite ready to put your property on the market, we’re happy to give you an idea of what your home could be worth in today’s market.
And if you’re looking for a mortgage at the same time, our sister company, A Move Brokers, can also look at your mortgage options.
The market might be changing, but one thing hasn’t changed:
Good advice starts with understanding your individual circumstances.
Looking for a Chester estate agent?
If you’re searching for estate agents in Chester, estate agent Chester, sell my house in Chester, houses for sale in Chester or property for sale Chester, A Move Homes is here to help.
We cover Chester and surrounding areas including Broughton, Blacon, Saltney, Ellesmere Port and Buckley.
Thinking about selling? Get in touch with A Move Homes for a free property valuation.
