House prices aren’t crashing but normalising. In recent years we have seen a boom in property prices, for example a 2 bed terraced house will now cost around £150k.
With the new era of interest rates, this has put even more pressure on buyers achieving a mortgage. Higher mortgage rates are limiting demand from homeowners, first-time buyers and investors.
We have heard through various channels that interest rates are now stabilising, and we’ve seen a number of our clients achieve 4 – 5% fixed mortgages. At Coppenwall we have a fantastic mortgage partner, so if you do need help with borrowing – contact the team.
Annual house price chart from 2018 to 2023.
This chart shows the affect interest rates have had on property prices this year. You can also see on this chart the increase in property prices over the last 5 years.
Properties in Rossendale had an overall average price of £213,997 over the last year.
The majority of sales in Rossendale during the last year were terraced properties, selling for an average price of £148,821. Semi-detached properties sold for an average of £228,243, with detached properties fetching £379,138.
Overall, sold prices in Rossendale over the last year were 1% up on the previous year and 15% up on the 2020 peak of £185,964.
Who provides this information?
English and Welsh house price data is publicly available information produced by the HM Land Registry. This material was last updated on 7 August 2023.
Free Property Valuation
Feel free to call us with any queries, or check out our Facebook page.
Renting Out Your Property
With the property market feeling the strain, some homeowners are opting to rent their property out.
Our fully managed rental package helps landlords achieve an improved return on investment, and provides peace of mind, that your property is being managed thoroughly by our fully trained local staff.
We also make sure you are fully legally complaint with new legislations.
We have also recently passed the criteria checks to achieve the Property Mark accreditation, which is the governing body for letting agents.