Cockermouth Continues to be Busy for Residential Property
As the first half of 2023 comes to an end, Anya Caine, H&H Land & Estates Cockermouth Branch Manager, reports a stable but consistently busy market in the western Lakes after an uncertain start to the year.
“After wondering what was going to happen at the outset of this year, demand in the Cockermouth area of the Lake District has proved to be consistently strong from buyers looking for both principal residences and second homes.
As always, unusual or quirky properties have attracted a great deal of interest, and the area has remained popular with buyers looking for a Cumbrian home for their retirement. Demand has continued to exceed supply in Cockermouth, where there has been a shortage of property in general, and there have not been enough affordable family homes coming up for sale
The sharp rise in mortgage rates has had an impact in fall-throughs, and we envisage the markets settling because of this, but here at Cockermouth many of our clients do not require a mortgage, which helps for a swift sale.
Prices have stabilised over the past six months, and we have noticed little impact on our buyer demographic from reintroduction of Stamp Duty, or from the rise in energy prices and mortgage rates.
Looking forward, we anticipate that the longer-term impact of the mortgage rate rises will continue to influence the family and first time buy market. As we move through the Summer it is possible the traditionally quieter Autumn/Winter housing market may arrive a little sooner than in 2022.
For our Cockermouth office, we have had a very positive start to the year and although we remain cautious about the next six months, we continue to be busy in contrast to so many other areas of the country.