Reaction to The Budget November 2022

After the last few months, which have seen poorly received economic policies rolled out and rolled back again, hopefully after the uncertainty of today’s budget put behind us, we hope to enter a phase of stability.

There is no doubt that the property market has been affected since the last budget, but it has stabilised and even bounced back little over recent weeks since Rishi Sunak’s appointment.

Today’s tax increase announcements will mean that those on higher incomes will have less money to spend. The stamp duty relief announced back in September 2022 has already been reversed but will not take place until 2025, but as a London based agency, we found this hasn’t really affected us.

Interests rate are rising and will continue to rise, but we expect mortgage rates to hold as confidence in the British economy begins to recover.

At Benjamin Stevens we are still seeing a steady flow of exchanges and completions in Edgware, Bushey and surrounding areas, despite these challenging times. People who have agreed to sales over the last 6 months are rushing to get them through to completion in time. We have also seen a rise in cash buyers and it’s definitely still a strong buyers’ market.

We are seeing a busy rental market in Edgware and Bushey with available properties barely making it onto the portals before they are getting snapped up, another sign that this is the right time to be a landlord.

Political and economic factors do affect the market but only temporarily. Ultimately the housing market will continue, despite all of these factors, because people will always need to move. Births, deaths, marriages and divorce keep the housing marketing moving.

Whilst we expect a quiet Christmas period we expect market levels to return to previous levels in 2023.

If you’re looking to buy, sell, rent or lease a property and need some free advice then get in contact today on  020 8958 1118.

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