News

October has been a month of uncertainty ever since the mini-budget was announced, but what is happening locally? The big question - will house prices crash? In my opinion, no. The more interesting question is - will property prices fall in the short term? Possibly, but let's compare this against the headlines we have seen over the last few weeks suggesting that there could be an average price drop of 10 to 15%. Even cautious lenders are predicting 8%. I'm really struggling to see that. I...

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Property market update The mini budget created a media storm that led to uncertainty over the last two weeks. So, what's really been happening? As of this week, the pound has returned to pre-budget value; the Bank of England has decided not to hold an emergency meeting and will meet again, as scheduled, on the 3rd of November. Current property demand remains above a five-year average, and properties currently advertised for sale are seeing price reductions at a similar level to 2018/...

Market Update Currently, there are no bank funding issues; the lender's position is not a credit crunch, and lenders are well capitalised. However, the market has not responded well to the mini budget and has become headline news; Increased mortgage rates, increased cost of living and impacts of negativity on consumer confidence. The Bank of England intervened in an attempt to stabilise financial markets due to Friday's mini budget. Negative headlines earlier in the week included lenders su...

The local property market - September September proved to be a very unpredictable month. Nationally and locally, we had a period of reflection as we paid our respects to the passing of The Queen. The Government issued their mini budget, which, as far as the property market was concerned, was reasonably positive, only for the markets to react negatively, which enabled the media to jump on the bandwagon and create, in our opinion, unnecessary panic. Our mortgage advisers had to replace and...