A leading Carlisle estate agent has said that a new government will bring ‘confidence’ back into the city’s ‘steady’ housing market.
H&H Land & Estates Carlisle branch manager, Paul Doyle, has said that the post-pandemic housing boom was now ‘over’ and that it was now a good time to be selling in Carlisle
Interest rates have remained at high levels since the mini-budget that ultimately led to the downfall of Liz Truss when she was Prime Minister.
Inflation has now decreased to the previous government’s target of 2 per and Paul said that lower interest rates could make houses ‘more affordable’ in the city.
“With the uncertainties of a run-up to a General Election behind us, we can begin to hope that a stable new Government will bring confidence back into the property market in and around Carlisle, and new investment in the future of our historic city,” said Paul.
“The new Government has outlined policies that should continue to keep inflation low enough to persuade the Bank of England to reduce interest rates, which will clearly help to make mortgages more affordable and boost the housing market, particularly for first time buyers who are unable to take that crucial first step on the property ladder.
“Even without that additional momentum, stability and confidence are the key requirements for any property market, and here in Carlisle we currently have a steady market.
“We have left the post-pandemic boom well behind us, and this is a good time to be both buying and selling.”
Carlisle remains one of the more affordable places in the UK to buy property. While the average price of an established property - as opposed to new build - in England and Wales in June 2024 was £349,000 , the price of a similar property in the Carlisle postcode area was just £200,000.
“Under the new Government, that affordability might attract greater attention to Carlisle property, and to the many advantages the city has to offer,” said Paul.
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“This is a city on the move with exceptional transport links to the West Coast main line and to the M6.
“The University of Cumbria is moving into the city centre, and the Borderland Development initiative is investing significantly.
“Affordability, accessibility, investment, and stability should all help to make the Carlisle market attractive to buyers.”
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