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Ashtons Autumn Housing Market Review 2023

Uncertainty has reigned both nationally and locally in the property market over the summer months, fundamentally due to 14 consecutive interest rate rises which finished when the Bank of England’s Monetary Policy Committee held rates at 5.25% in September.  Stubborn inflationary pressures have continued but appear now to be easing, with inflation falling to 6.7% through August.  September’s figures are eagerly awaited but reports in early October that food inflation had fallen for the first time in 2 years do point to some light at the end of the tunnel.  Challenges do remain with petrol prices rising again and the ongoing supply issues caused by the continuing war in Ukraine.

The Renters Reform Bill is designed with a primary objective to address issues related to rogue landlords, safeguard vulnerable residents, and enhance the safety standards of homes for tenants.

In a recent survey undertaken by the Council for Licensed Conveyancers (CLC) 70% of probate practitioners reported waiting in excess of 10 weeks for probate to be granted, with 57% of those saying it was taking longer than 19 weeks.

One significant recent development is the Government's change of heart regarding its earlier commitment to raise Minimum Energy Efficiency Standards to an EPC C in the private rented sector.

Uncertainty has reigned both nationally and locally in the property market over the summer months, fundamentally due to 14 consecutive interest rate rises which finished when the Bank of England’s Monetary Policy Committee held rates at 5.25% in September.  Stubborn inflationary pressures have continued but appear now to be easing, with inflation falling to 6.7% through August.  September’s figures are eagerly awaited but reports in early October that food inflation had fallen for the first time in 2 years do point to some light at the end of the tunnel.  Challenges do remain with petrol prices rising again and the ongoing supply issues caused by the continuing war in Ukraine.

Whilst many estate agents view themselves as part of the 'property business', simply selling and renting out buildings and land, we at Ashtons see it differently.

‘Mortgage stress’ is a term first coined by Australian financial analyst Martin North of ‘Digital Finance Analytics’ a boutique housing market analyst operating out of New South Wales who I had the pleasure of working with between 2017-2020.

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