Allan's October Market Update

Published: 04/10/2022 By Allan Fuller

Buying a home is a long-term project, likewise even the decision to move is not taken on a whim. It can take weeks and months of discussion, investigating where to live and what type of property you need.
 
The market tends to slow as the end of the year, and dare I say it, as Christmas approaches. Interestingly because that is a time that families are at home and thoughts turn to plans for the year ahead.  This is shown by the fact that the property portals have record numbers of people looking online over the holiday period.  In fact, January is often a very busy time for us as people register and start looking at properties.

 Unfortunately, the Truss and Kwarteng mini budget has recently been dominating the news and sending alarm bells ringing, including for the property market.  Confidence and stability are two ingredients vital for the property market, both were damaged in the announcements.

 However, they has been damage limitation action by the Bank of England and the government. It will help to restore confidence in the property market, certainly it has already had a very positive result for the state of the battered pound. Lenders who withdrew mortgage products are rapidly introducing new deals.

Predictions of prices collapsing are very wide off the mark. The stamp duty reduction was good news and will likely counterbalance increased interest rates for new buyers. Values are more likely to stabilise which is no bad thing.

If you do need and want to move do not be put off, get in touch, and talk to us.  We have been helping people go through the entire moving process for nearly 40 years, so have amassed vast experience that will help and  guide you  through whatever your plans might be.