While the sky has at times felt like it was falling, property experts are reporting that the sky and the housing market are simply returning to pre-pandemic levels. The buying boom, largely thanks to stamp duty cuts, has over the last few months seen many housebuilders comment that sales are similar to what they were pre-pandemic. Similarly, property tech company Rightmove has commented that property sales are up 4% from what they were in 2019.
While the fallout from the Truss/Kwasi mini-budget spooked investors and saw mortgage rates more than double; since then, (and the Autumn budget) the financial market has stabilized bringing hope for the housing market. In recent news, Nationwide stated that house prices fell 1.4% from October which seconds the Government forecast that prices will continue to drop over the next two years as affordability fights with demand. The drop in prices balanced with concerns over rising interest rates is so far resulting in a continual modest hive of activity. And while a drop in house prices may initially seem like a bad thing, all in all, experts are expecting a smooth landing as we return to pre-pandemic levels, giving way to new opportunities for sellers and buyers across a more diverse market.