As local property experts, we’re often asked by prospective buyers and sellers what’s happening with the market currently. It probably won’t come as a surprise that over the last few years there have been some unexpected external influencing factors in our local market!
And even as we’ve been gathering our thoughts on where the market is currently there has been the Chancellor’s latest news on changes to Stamp Duty which will no doubt also have an impact on the market.
Currently, the market is still very busy and with national property, prices have increased by an average of over 10% over a year, the market within Surrey and across the border into Sussex has seen demand outstrip supply too. This can make it increasingly difficult for first-time buyers to get a foot on the first rung of the property ladder, something which the government is probably hoping the stamp duty cut will help.
With the less than positive news about the cost of living, energy price rises, and increased mortgage rates there has been some talk of the market starting to cool slightly over the last quarter of this year, and into 2023. This may be the bigger picture across the UK but there are a number of positives for those who live in Surrey/Sussex already.
The race for space is still continuing and the sale of family homes has not diminished, whereas the demand for flats has not seen such an increase. The increase in home working and hybrid working also means people have greater flexibility in terms of location, and unsurprisingly rural living is still very high up on many people’s wish lists.
So our advice is whilst there might be a ‘dampening’ in the market, the crash that some newspaper headlines might like to report on is unlikely to be seen in our local area.
For many people, the focus for this last quarter won’t be worrying about market conditions but looking to be in their dream home for Christmas – and Autumn traditionally sees a time where people start to seriously look following summer holidays etc.
If this is the case for you whether looking to buy or sell your property then now is the time to arrange a chat and valuation with one of how highly experienced team, who can help bring an understanding of the current market as well local trends in supporting you in your next move before seeing in the New Year.