Autumn Outlook
We may only be three quarters of the way through it, but 2022 has already been quite the year for the property market. The Bank of England increased the base rate five times, with the latest hike in August being the highest incremental increase in 27 years. Meanwhile inflation is peaking - putting pressure on household wallets - and uncertain economic waters surround an apparently buoyant housing market. Many homebuyers are wondering what implications these changes have on their mortgage capabilities. With incremental base rate rises, borrowers have been increasingly keen to secure lending before deals change. Despite volatile rates and previously available products being removed from the market, mortgage approvals have remained healthy. Whilst these frenetic markets have become somewhat common in the last two years – thanks to the pandemic- fuelled city exodus and Stamp Duty holiday – it’s a relief for homebuyers to see a steady rise in the number of properties coming onto the market. After all, supply and demand is what makes the world go round. In Cambridge, we have seen a monthly increase in available listings, from townhouses and apartments in the city, to village family houses and contemporary new builds. Sellers can relax knowing that their home will be greeted warmly by a queue of eager buyers. These are buyers who may have missed out on stock not only over this summer, but in the last two years, and who are ready and raring to go. Whilst we anticipated a quieter than usual summer, with delayed holidays finally taking place, in Cambridge we saw a 40% increase in new buyers registering compared to last year. Figures like this, and with what we are seeing on the ground, make us confident that we can expect a very busy end to the year. As we head into autumn, conversations always look towards the festive period. “We want to complete by Christmas” is a frequently cited goal from buyers and sellers alike. With the clock ticking, my team are focused on helping as many people as possible do just this. If you are dreaming of putting your Christmas tree up in a new home this year, then please do get in touch. About the author: Lawrence Brown has extensive agency experience of nearly 20 years and is a qualified member of Propertymark, with both NAEA and ARLA qualifications. Lawrence has managed both offices and regions in the past, and most recently, was appointed as the Director of Strutt & Parker’s Cambridge office.
Lawrence Brown Director 01223 459 501 lawrence.brown@struttandparker.com
Strutt & Parker is a trading style of BNP Paribas Real Estate Advisory & Property Management UK Limited, which provides a full range of services across the residential, commercial and the rural property sectors.
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