Housing Market Update October 2022

There have been very few posts on our websites for many months now. We have simply been too busy carrying out Home Surveys and Valuations.

Many thanks indeed to all our patient clients who had to wait six or more weeks for us to inspect the home they are wishing to buy. We are also really very sorry that we have not been able to assist all returning clients or those potential clients who have contacted us as a result of recommendations from friends or family.

Maybe it is telling that we now finally have a little time to make this post as more normal market conditions return; here is our housing market update for October 2022.

There is some concern that the changing market conditions may lead to falling property prices and certainly the ‘mini-budget’ has made this more likely as interests rates are likely to rise further and faster than would otherwise have been the case.

Many of the proposals in the ‘mini-budget’ have now fallen by the wayside and the new Chancellor is unlikely to follow the extreme ideology of the right-wing academic economist Patrick Minford; one of few economists who voiced support for the new Prime Minister.

My own view is that at present we are seeing a better balance between demand and supply. It does not appear that we are in a situation where all properties receive multiple offers well above the asking price.

As the last two years has taught us no one can predict what is likely to happen to property prices but they do have a long run upward trajectory. A property should be considered a long term investment and most purchasers can ride out any short or medium term fluctuations.

As always we very much welcome welcome enquiries for Home Surveys and Valuations in the Bath, Bristol, Wiltshire and Somerset region. The Bristol and Bath markets remain strong but we have also seen very good levels of Home Survey and Valuation instructions in Frome, Midsomer Norton, Radstock and Trowbridge.