Housing market defies turbulent autumn

October was nothing short of an economic and political whirlwind, with huge changes coming into force on a weekly basis. Inflation bounced back to a forty-year high of 10.1%, as the UK saw Rishi Sunak replace the newly-appointed Liz Truss, as well as various revisions to the ‘mini budget’ first announced in September. But how is the housing market faring amidst all the changes?

Buyer demand?

According to Rightmove, buyer demand last month was 20% higher than the ‘more normal’, pre-COVID October of 2019.

However, it is down by 15% in the last two weeks compared with the same period last year. This is likely due to the influx of overspill transactions which narrowly missed the conclusion to the Stamp Duty tax break at the end of September 2021.

Sales falling through?

Thankfully, most agreed sales are going ahead despite the market turbulence.

Rightmove suggests that only 3.1% of agreed sales fell through in the fortnight after the ‘mini budget’ announcement, almost identical to the 3% in the same period three years ago.

House prices?

In a similar vein, the ONS confirmed that UK house prices grew by 13.6% over the year to August 2022, down slightly on 16.0% in July 2022.

The ONS summarised: “Annual growth has slowed because of the sharp rise in house prices in August 2021 following changes in the stamp duty holiday.”

With political, economic, and industry-specific factors all changing with pace, brokers have a busy end to autumn to say the least. Technology proves its worth more than ever during busy and complex periods such as this. With product withdrawals coming thick and fast, this is no time to rely on fax machines and filing cabinets.

To let tech take the burden of your admin as autumn draws to a close, book your Smartr365 demo today.