On November 17th, Chancellor Jeremy Hunt pledged to face the economic storm in his Autumn Statement. Hunt announced widespread spending cuts and tax rises to tackle inflation and escalating mortgage costs.
In the short-term, GDP is likely to shrink by 1.4% in 2023. However, due to the new measures being taken, is expected to grow by 9% by the end of 2027.
The expected 9% increase in house prices this year is likely to be countered by a fall over the course of 2023-24 but price growth is set to resume in 2025.
Mortgage rates are now expected to peak at 5%. The steps taken have been made to protect long-term economic growth and rebuild the UK economy, which is now officially in recession. Indeed it is projected that five year fixed rate mortgages could be back under 4.00% in Q1 2023.
An estate agent you can trust
During times of instability in the property market, it’s important to work with an estate agent you can trust. Quealy & Co is your award winning, local estate in Sittingbourne. Peter Knight, Founder of Best Estate Agent Guide is quoted as saying "Winning a Best Estate Agent Guide three years running puts Quealy & Co in the top 1% of all estate agents in the UK - only 0.8% of over 15,000 estate agents achieved this."
We are experienced at marketing difficult markets when an estate agents’ skills are really required to market effectively, root out buyers and put sales together.
Call our team for a friendly chat about your property requirements, with no pressure from us to sell or let your home. When the time comes to move home, we will be with you every step of the way, aiming to take as much stress out of the moving process for you as possible.
Source: Dataloft, UK Government, Office for Budget Responsibility
20 March 2022
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