Assessing the Property Market: A Look Back and a Look Forward with Jonathan Rolande

As the property market heads into the second quarter of the year, experts are taking stock of the current situation and looking ahead to what the future may hold. Despite a positive start to the year, the market has been impacted by a number of factors including the cold and dreary weather that has dampened buyer enthusiasm.

While the Bank of England has kept interest rates steady, the hesitation to reduce them has left many potential buyers on the sidelines. However, mortgage lenders have lowered borrowing costs, leading to a slight increase in prices in January. February saw signs of life as the number of mortgages approved rose and investor interest started to resurface.

By March, optimism waned as hopes for a rate cut were dashed and banks began to tighten lending conditions. Despite these challenges, prices continued to rise, signaling some resilience in the market. As we enter the middle of April, the market remains fragile with uncertainty looming.

Jonathan Rolande, a property expert, emphasizes the importance of external factors such as political upheaval and global turmoil on the market. Without positive intervention from the government or the central bank, the property market may struggle to gain momentum in the coming months.

Many are hopeful for a market correction that would make housing more affordable for first-time buyers. However, Rolande warns that a sharp decline in prices could deter developers from building more homes, exacerbating the existing housing shortage.

In the absence of significant intervention, the best hope for the property market may simply be good weather. As we wait to see how the rest of the year unfolds, all eyes are on external factors that could either hinder or support the property market in the months to come.