Overcoming Shocks In The Housing Market

Sat 10 Dec 2022

If you were planning on buying a home this year or next, but are currently wavering on those plans, you are not alone. A recent study by Bloomberg Intelligence indicates 44% of prospective property buyers have been “spooked” by the mini-Budget, and are looking to postpone or delay their house buying plans.

Within this group of people, 56% of respondents say they hope to buy a home in one to two years.

This sort of thinking shouldn’t be a big surprise, and it is not as if the mini-budget has changed much for many people, merely it is more likely to be the final straw for a lot of people.

There are many reasons to reconsider plans in the housing market

For the group of people who said they plan to delay or abandon their house buying activity, 36% of respondents said the cost-of-living crisis was to blame. 34% of respondents said the “worsening economic outlook” was the driving factor behind their decision, while rising mortgages was cited by around 30% of respondents.

Iwona Hovenko, Real Estate Industry Analyst at Bloomberg Intelligence: “Our survey suggests most prospective UK homebuyers haven’t been deterred by mounting economic pressure. Crucially for homebuilders such as Barratt, Persimmon, Taylor Wimpey, Bellway and Berkeley, many people have shown significant flexibility, considering cheaper homes or making other sacrifices to counter rising interest rates.”

We are here to assist you as best we can in the property market

We know house buyers have a lot to consider, and no one should rush into buying a home, especially at these times. However, there are many reasons for people moving home, and even though the economy is challenging, there will be people who want to press ahead with a house move.

This is positive news for people who are looking to sell their home, because equally, there are always reasons for people to sell their house and move on. Whether you are downsizing, trying something new or have a multitude of reasons and factors that are no one’s business but yours, we are here to assist you.

As Huddersfield housing market specialists, we are pleased to say we have helped many homeowners connect with willing buyers, and we are here to do the same for you. Whatever you want to achieve in the property market, you can rely on us, and we’ll make sure you receive the receive the support, guidance and backing you require.

Contact ADM Residential to sell your Huddersfield home

Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.

This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.