Property Market Update: Stability Returns After November Budget

It has been an uncertain time for us all in the months leading up to November’s budget announcement, with much conjecture and speculation dampening the recent property market.

Locally, we have seen a 0.1% reduction in house prices in the South East year on year for the first time in 18 months, according to some reports.

As it turned out, the highly anticipated budget contained very few policies which affect the vast majority of buyers or sellers. A welcome sigh of relief!

As quickly as in the days following the announcement, mortgage companies already began to reduce their rates to tempt those waiting, eager buyers.

Financial website ‘What Mortgage’ commented that:

“Nationwide announced yesterday it was making cuts of up to 0.19% on its fixed-rate mortgages for both new and existing customers. Virgin Money announced it was cutting selected rates by up to 0.19%. Then Halifax revealed it was making cuts of up to 0.2% on selected three-year fixed-rate mortgages for those looking to buy with less than a 10% deposit.”

It is our hope that, once we’ve all enjoyed the festive season, the property market can resume its normal ‘January surge’ in significantly more certain waters.