minute read
The election is done and regardless of your political persuasion we have a clear path forward, which is positive. We have a majority government and the mood music in the media is good. That’s a big tick in the box. Given the negativity over the last year, this naturally brings more optimism for the coming months.
Whilst pressures are easing, affordability is still an ongoing issue. So, governments aside an interest rate cut would be a welcomed relief. We’ve seen many big lenders reduce their rates over the last month and with further positive economic news we could start to see an increasing range of cheaper mortgage products.
Thinking back over the last few years we’ve had the fallout of the Truss budget, tripling interest rates and the cost-of-living crisis. This naturally made would-be movers sit on their hands, subsequently pent-up demand has been building. In our experience, people don't, or very rarely, cancel their move; they'll delay it until they feel it's a better time.
The whole of 2023 was subdued, sales were down around 25/30% on the previous period. Encouragingly, this year we have seen transactions increase by 20%, and importantly, this has been consistent over the months. At White & Sons we operate in many sectors of the property industry. When looking at broader activity we have seen a noticeable upturn in the commercial sector, with people investing again. In the agricultural world, strategic land activity is increasing and planning activity, albeit hindered by bureaucracy, has been as buoyant as ever. Our Lettings team are reporting record rents and demand outstripping supply.
As an industry, the undertone has remained positive but for those wanting to sell or buy a home it’s all about when the time is right. The Labour government has pledged to build 1.5 million homes over the next five years and reform the planning system (you can read more about that here), could it be that now is that time?
If you need any help or advice, we would be delighted to help. Contact your nearest branch
Whilst pressures are easing, affordability is still an ongoing issue. So, governments aside an interest rate cut would be a welcomed relief. We’ve seen many big lenders reduce their rates over the last month and with further positive economic news we could start to see an increasing range of cheaper mortgage products.
Thinking back over the last few years we’ve had the fallout of the Truss budget, tripling interest rates and the cost-of-living crisis. This naturally made would-be movers sit on their hands, subsequently pent-up demand has been building. In our experience, people don't, or very rarely, cancel their move; they'll delay it until they feel it's a better time.
The whole of 2023 was subdued, sales were down around 25/30% on the previous period. Encouragingly, this year we have seen transactions increase by 20%, and importantly, this has been consistent over the months. At White & Sons we operate in many sectors of the property industry. When looking at broader activity we have seen a noticeable upturn in the commercial sector, with people investing again. In the agricultural world, strategic land activity is increasing and planning activity, albeit hindered by bureaucracy, has been as buoyant as ever. Our Lettings team are reporting record rents and demand outstripping supply.
As an industry, the undertone has remained positive but for those wanting to sell or buy a home it’s all about when the time is right. The Labour government has pledged to build 1.5 million homes over the next five years and reform the planning system (you can read more about that here), could it be that now is that time?
If you need any help or advice, we would be delighted to help. Contact your nearest branch
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Est.
1817
1817
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.
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