Yes, without a shadow of a doubt, last week was a shock and most certainly did create hesitancy in the market. As a consequence, there was muted activity whilst people digested the impact of the mini budget. At branch level we did not experience owners taking their houses off the market. Yes, there was caution and uncertainty but in the main most of our clients were realistic and stoic. Reassuringly we did, and continue to, list new properties, register new buyers and arrange new sales.
Affordability, due to the increase in the cost of living, had cooled the market somewhat over the last quarter, which was already putting downward pressure on asking prices. The influence of the mini budget ultimately exacerbated affordability again. This naturally reduces the number of potential buyers in the market, specifically first-time buyers. Those who still want to purchase a new home will have to reassess their options and modify their search based on the new ‘norm’.
For sellers who are still motivated to sell, they will also have to consider that their buyers are now experiencing these burdens and may have to fine-tune their pricing accordingly.
Our lettings experience echoes long-term confidence in the market. We have seen an increase in enquiries from Buy to Let landlords looking to increase their portfolios; they have been noticeably absent in recent times. Our lettings team are also helping on the sales side too. They have guided home owners through the process of renting their existing home, enabling them to retain their new purchase. In addition, they have also helped sellers who are keen to retain their buyers, but are unable to find themselves. For these clients we have found them somewhere to rent whilst they continue their search, without jeopardising the chain.
As is always the way with the property market, those who need to sell, let, buy or rent will always find a way to do so, especially with a professional agent by your side. Should you need any help or advice please do not hesitate to contact your local branch.
Photo by Nik Shuliahin ���� on Unsplash
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.