Is Carlisle's property market finally stabilising in the aftermath of Covid and economic turmoil?
As the first half of 2023 comes to an end, Paul Doyle Branch Manager for the Carlisle Property Division of H&H Land & Estates reports a property market stabilising in the aftermath of Covid and economic turmoil.
After the unpredictability of the markets through the pandemic years and the ongoing cost of living challenges, the property market in the Carlisle area has levelled and stabilised at a lower level in the first half of 2023.
Overall, demand has fallen by the post Covid highs to what are realistically usual levels. Although there are fewer frantically looking for property, demand continues for all type of property however the number of houses available on the market remains at a low level.
Every property that comes to the market is attracting interest, and the fall in demand is likely to be a response to the lack of availability, rather than its cause. And despite the combination of a slower market, the steep inflationary cost of living crisis and the daunting rise in interest rates we have experienced over the past six months, property prices have remained surprisingly stable, remaining more or less at the same level as before.
Rural properties with office space are still sought after by those looking to work from home but suitable properties coming forward are increasingly few and far between.
Family homes have been sought after over this Spring, but the biggest demand has been for bungalows, which are as rare as hen’s teeth in the Carlisle market – in such short supply that we currently do not have a single bungalow for sale in our area.
This shortage is compounded by the apparent reluctance of house builder developers to include bungalows in their plans, no matter the scale of their development. Since they take up more land, developers appear to be reluctant to build, despite the huge demand for these accessible properties from an increasingly older demographic.
So, we would love to hear from you if you have a bungalow to sell as we have buyers waiting in the wings.
Carlisle is still the UK’s second cheapest city to purchase a house. With house prices currently averaging £163,000 in the Carlisle area, potential buyers are getting an exceptional type of property for their money. A three-bedroom terraced family home can often be bought for even less than this, and we currently have a six-bedroom terrace house, in Silloth in need of
Looking forward to the remainder of the summer and the autumn and winter to come, the property market in Carlisle is very difficult to predict. As interest rates continue to climb, house prices and sales are likely to decrease, so the future depends largely on the Bank of England’s strategy in bringing down inflation. We will hope for the predicted falls in both inflation and interest rates, and that there will be no further rise in Stamp Duty in the Autumn Budget, which could add to the pressure on the property market.
To get in touch with the team at Carlisle you can call them on 01228 406260 or send an email to