Properties in Frome

In the face of widespread speculation and media reports predicting a downturn since September 2022, the Frome property market, alongside the broader British market, has demonstrated remarkable resilience.

Analysis and data up to Q1 2024 reveal a stable and recovering housing sector, contrary to the "doom and gloom" narratives.

Whether you are a Frome landlord looking to liquidate your buy-to-let investment or a Frome homeowner looking to sell your home, finding a buyer and then getting the legal work done can take a frustratingly long time, writes Rivendell Estates.

It is a step-by-step process that can take many months.

The 5 Year 31 Week Itch in the Frome Housing Market

There are 28.4m households in Britain, of which 17,693,200 are owned, worth a total of £5,127,807,837,600 (£5.1 trillion). When you add all the private rented homes and council houses, that figure reaches just over £8.5 trillion!

Frome's rental landscape has undergone significant changes in the past decade, and understanding these shifts is crucial for any astute landlord.

To illuminate these trends, I have created an insightful heat map that vividly depicts the evolution of average rental prices across Frome over the last 10 years.

In a recent financial turn, Frome residents are experiencing a wave of relief as mortgage rates across the UK take a surprising dip. This reduction, led by major lenders, signals a potential opportunity for the Frome housing market, directly affecting homeowners, landlords and first-time buyers in the town.

Rivendell Sales & Lettings delve into what this means for the local market, weighing up both the opportunities and the need for realistic expectations.

Rivendell Estates explains

When embarking on the substantial investment of buying a home, it's crucial to ensure that your purchase is sound and worthwhile. This is where house surveys come into play, offering a detailed inspection of the property's condition before you commit to the purchase. In the UK, the dynamics of who organises and pays for these surveys vary depending on location. 

In the ever-changing landscape of the Frome property market, predicting future house price trends can be akin to navigating a labyrinth. The past two years have witnessed unprecedented upheaval, primarily due to fluctuating interest rates that significantly impacted household finances, reminiscent of the challenges not faced since 2008. 

The average rates for fixed-rate mortgages have dramatically risen, notably from late 2021. This hike in the Bank of England base rates has led to a substantial increase in monthly mortgage payments, consequently affecting people's ability to purchase new homes. 

The Resilient Growth of Frome's Private Rented Sector with a Decade of Opportunities Amid Challenges - Rivendell explains.

As Frome strides into the future, the burgeoning private rented sector has continued to house many of its residents. 

The UK rental market has once again demonstrated its resilience and dynamic nature. 

Recent figures state that the average advertised rent for newly listed properties in the UK last month was £1,787 per calendar month (pcm). 

Have you ever wondered about the ins and outs of getting a mortgage when self-employed? 

Well, wonder no more! We've got the information right here...at Rivendell Estates.