Properties in Frome

The average terraced house in Frome in the last 12 months sold for £320,308. Image, Rivendell Sales & Lettings

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.

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Better to know - file photo : Frome Nub News

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. 

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Frome town centre November 21 : Photo Frome Nub News

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. 

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