Over the past few years, house prices have increased considerably but experts in the field are foreseeing the market will now slow, reports Prime Resi. Predictions show that amongst the continued rise of interest rates, the increased cost of living and the shortage of homes available, the market will still be growing but at a slower pace.
Even with the ongoing Conservative leadership party battle, which will appoint a new prime minister, we are unlikely to see a real shift in housing or economic policies – therefore there will be minor changes in the market, come September.
Mark Parkinson, Managing Director, Estates & Special Projects, comments “Because of the unique set of circumstances that are causing this uncertainty, it is impossible to predict what might happen in the next few months. It is an unprecedented and dynamic situation. I believe that having just been through a deadly pandemic, confidence in the long term and the sheer will to get on with ‘normal life’ has given everyone a more robust attitude. This means people are looking beyond the impending doom and are confident there will be good times on the other side. We are seeing this in ‘buyer behaviour’ across all the prime markets we cover, both in London and the country, competitive bidding remains a factor of the marketplace and supply continues to be an issue. How long this will be the case, at the moment is anyone’s guess.”
Read the full article here