The Bank of England has held interest rates at 3.75%, but the more important detail is how close the vote actually was.

A 5-to-4 split, with 4 members pushing for an immediate cut, tells us we are far closer to a change in direction than many expected.

That matters for sellers because confidence moves before rates do.

Mortgage lenders are already responding, with more competitive fixed-rate products returning and buyer confidence quietly improving. At the same time, the pound has softened, which is increasing interest from international and lifestyle-led buyers.

What we are seeing locally

This is certainly not a flat market. It is an active one, but it is highly selective and decisions are being carefully considered.

Cautious steps are leading to confident decisions, but patience, sobriety and realism on pricing remain critical. Agents nationally, regionally and locally are reporting a very similar picture.

Well-presented homes, priced realistically, are attracting viewings, offers and agreed sales. Properties that chase last year’s pricing are seeing longer marketing periods and price reductions. The data is very clear: realism wins.

Rightmove reports that around one third of all properties currently on the market have had a price reduction.

Importantly:

• Properties that did not require a price reduction sold in an average of 32 days

• Properties that did require a reduction took an average of 99 days

• Realistically priced homes are 1.3 times more likely to sell

The consequences of over-pricing are clear. Accuracy is rewarded.

A key point on value

There is a difference between price and value.

Buyers are prepared to pay strong money when they can clearly see quality, scarcity and justification. The role of advice, presentation and pricing strategy has never been more important.

The price you want is not the same as value.
Value can be evidenced by £ per square foot, professional qualification, data and market evidence. It is objective, disciplined and evidence-led, and a competent agent will have a strong instinct for it.

Worth, however, is emotional and just as important. Strong marketing, excellent presentation and clear positioning increase the perceived worth of a property to a buyer, which leads to stronger outcomes in a better timeframe.

Our advice

This market rewards preparation and precision. That is a proven fact.

Sellers who take advice, position correctly and act decisively are achieving very credible outcomes. Confidence is returning, but it is measured and informed.

If you are considering a move this year, understanding timing, pricing and strategy will make all the difference.

If you would like advice on how current market conditions may impact the value of your home, we would be delighted to help.