For the past couple of months, the country has been in a financial turmoil. We've seen two sovereign, three prime ministers and a complete change to our leaders in parliament.
October 2022 has been one of the most turbulent months that the housing market has seen since March 2020. On September 15th Liz Truss, former Prime Minister held a mini-budget which, consequently had big implications on the UK housing market. Following the meeting the confidence in Liz was questionable, leaving the housing market exposed.
The turmoil began with higher mortgage costs for millions, interest rates increasing on loan amounts and triggering a domestic financial crisis.
In October, along with the quieter market the house price started to show signs of a correction. An increase in ‘price reductions’, more ‘fall through’, fewer mortgage products available and less people looking to sell.
However, all this being said, since Truss stepped down and Rishi Sunak stepped up, the confidence in the UK economy has greatly improved which has helped plateau the rising mortgage rates. This has also means more stability for the housing market.
To conclude, whilst the last two months has been pretty rocky, the property market looks to stay steady heading into the Christmas period.
