Autumn property market trends 2022
Autumn property market trends - low supply of properties and a calmer market. But things could change quickly.
Since our summer report, without understating the matter, the property market and economy have seen unprecedented change.
The short tenure of our latest Prime Minister, and the u-turns on her tax cutting budget, led to considerable turbulence before the much-documented series of reworkings (and more u-turns) led to much-needed stabilisation.
So, while we still have an element of uncertainty, the economic markets are settling down and there is now a concerted effort to focus on stability. Lenders are now repositioning themselves after a worrying moment in early October which saw the removal of 40% of financial products from the market. Thankfully, we’re in a better place several weeks later.
So what does all this mean for house buyers, sellers, and renters, in the West Yorkshire property market.
Firstly, there’s still an underlying shortage of properties, which is keeping prices buoyant, although buyers now want to get maximum value for their money. So valuations need to reflect that the cost of borrowing has gone up, and the market is not awash with supply.
Latest figures from the Nationwide Building Society show that UK house price growth flatlined in September, largely due to a combination of rising inflation and higher mortgage rates. However, the Midlands market continues to show strength, and locally we can see potential for continued, if more modest growth, with the frantic market conditions seen in spring and early summer becoming much calmer.
So what does that mean for SnowGate customers? In essence, a professional valuation is more important than ever. House buyers will be more sensitive to properties they see as overpriced, while house sellers, eager to sell, will have to re-evaluate their position.
In summary, expect much calmer market conditions with the continued low supply of properties for sale keeping prices buoyant. The changing political landscape could result in more unexpected change.
Given the current market conditions, an honest SnowGate valuation is more important than ever. To get straightforward, honest advice, please contact our Holmfirth or Mirfield offices on 01484 680800 or 01924 497801 respectively.