Progression not recession

Summer holidays, 30-degree heat and interest rate rises. Strange how different things can have similar effects on the property market. We were expecting the interest rate rising and the influence of the summer holidays, but maybe not so much the temperature levels we saw.

Several factors are having, and will have, an effect on the property market. The sunshine and the option to finally take a couple of weeks off and maybe even leave the country always leads to a small lull in activity. The interest rate increase was inevitable with inflation running away with itself. Although not ideal this rise in rates is necessary to slow inflation and steady the property market.

Recession is a scary word to have to hear again but understanding the reason helps to see the wider picture. A small period of a shrinking economy allows inflation to fall and everyday prices to settle and even decrease. Cost of living drops and order is restored. Let’s hope the Bank of England and the incoming Prime Minister can see it through successfully.

That said the property market continues on an even keel with prices beginning to settle. Stock levels, although rising slowly, are still low and there is still a higher level of demand for property and money out there to spend.

On that note, now would be a good time to research or update your mortgage affordability. Increases in rates obviously lead to increases in repayments however the lending checks involved have provided a more stable industry and safer market.

The overarching theme of the national news may seem negative but in reality, there are still glimmers of light in the property market. With autumn comes the return of school days and the rejuvenation of buyers and sellers after a well-deserved break. 30-degree heat may have gone but the market is still warm.

Why not speak to an independent mortgage adviser in one of our branches for impartial and knowledgeable guidance through the mortgage market?

You’re in safe hands

Trust our team of local experts to provide the best advice on a wide range of legal and financial issues whenever you’re facing a life change and need the best support.

0800 389 2939

Our team are available Monday to Friday 9am - 5pm

Find Your BranchMEET THE TEAM

She'll be glad you planned ahead

Organising your finances today, while planning for the future can be a challenge. We’ll put the kettle on – and take the pressure off.

GET EXPERT FINANCIAL ADVICE

You'll know when it's time to talk

From making a will, to matters of business law our qualified solicitors can offer advice and guidance. Pop in for a chat or call us to make your free appointment.

GET EXPERT LEGAL ADVICE

Sign up for our newsletter

Your details

Signing up to our newsletter will place you on our weekly property guide, providing you with the latest properties for sale and industry news.
You can unsubscribe at any time. We value your privacy and will not share your details.

© Poole Townsend 2017 - 2024. All rights reserved.
Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563.

Poole Townsend Solicitors Ltd are authorised and regulated by the Financial Conduct Authority.
Poole Townsend Solicitors Ltd is entered on the Financial Services Register. https://register.fca.org.uk under reference 807084.

Poole Townsend Estates Ltd. (Company number 10960705) is a company registered in England and Wales with its registereed office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 8004592. VAT Registration number 288092466. Our Estate Agency is a member of The Property Ombudsman Scheme.

Poole Townsend Estates Ltd Property Client account has client money protection, to view our Client Money Protection Certificate please click here. To view our Equality and Diversity Data please click here. The Propertymark Conduct and Membership Rules can be found here.

Professional Indemnity Insurance – please contact Martin Oates at the address above if you require details of cover held.

Registered with the Information Commissioners Office for data protection purposes (ICO No: ZA494153 & ZA331395)

close

Book Your Free Valuation

Fill out the form below and we'll get in touch to arrange your free valuation.

Your Details

We value your privacy and will not share your details.

Top