Will we see a stable housing market following no interest rate rises in September?
Sales Director, Jake talks about how the property market performed in September. Following a tough 12 months for the property market Jake discusses the importance of having a month with no interest rate rises. Does this mean the property market has reached a soft landing?
September Surprises: Unusual Patterns and Absent Bounces
Despite the traditional post-summer surge in activity, September unfolds with unexpected patterns. With new instructions entering the market and the number of sales agreed maintaining a steady pace, there's a noticeable absence of the usual market bounce.
Bright Spots: A Surge in Viewings
Amidst the uncharacteristic rhythm, a positive note emerges. A healthy influx of prospective buyers continues to arrange viewings, contributing to over 12% more viewings compared to the same period a year ago.
Reflecting on September 22: Events that Shaped Buyer Demand
Taking a moment to reflect on the events of September 22, a year ago, the host acknowledges the impact of the passing of the Queen and the infamous Liz Truss and quasi-catering mini-butcher incident on buyer demand during that period.
The 12-Month Roller Coaster: From Interest Rate Rises to Stability?
Zooming out, the host navigates through the roller coaster that the property market has been on for the past 12 months. Despite interest rate rises and high inflation influencing buyer demand, the current landscape hints at potential stability.
Equilibrium on the Horizon: Aligning with Pre-COVID Levels
Examining the broader perspective, the host notes that the number of new properties entering the market aligns with pre-COVID levels, signaling a possible equilibrium. Could the property market be on the brink of a stable period?
The Surge in Price Reductions: A Prequel to an Interesting 2023
Acknowledging that current sales may be driven by a surge in price reductions, the host anticipates an intriguing trajectory for the last few months of 2023. What will the market dynamics unveil in the coming months?
Bank of England's Decision: A Pivotal Moment
After 14 consecutive interest rate rises, the Bank of England's decision to maintain interest rates at 5.25% in September is highlighted as a pivotal moment. Speculation arises that if rates persist at this level, a sustained period of stability may unfold.
