Here's a quick summary of the key trends in the national and local housing market.
· September 2021 was the third busiest month on record for housing sales, following June 2021 and March 2016 (HMRC).
· Gravesham experienced a 14.1% annual rate of price increase in 2021.
· Sales are set to exceed 1.5 million by the end of the year (Zoopla).
· Mortgage approvals in September were at their lowest since July 2020 (Bank of England), but demand remains stronger than a year ago and the demand/supply imbalance remains.
· Property prices continue to rise, Rightmove reporting a ‘full house’ for the first time since 2007, as asking prices for properties across all regions and sectors of the market hit record highs in October.
· An interest rate rise is likely over the coming weeks. While this may act as a soft brake, there is little evidence it will trigger any significant price falls.
· Price growth of 3.2% is predicted over the course of 2022 by the Office for Budget Responsibility.
· The economy is expected to bounce back to its pre-pandemic level by the turn of the year.
· Job vacancies are at a record high and unemployment is predicted to peak at just 5.2%, significantly lower than the 11.9% originally forecast.
· To turn Generation Rent into Generation Buy, the government confirmed a nearly £24 billion multi-year settlement for housing.
· Consumer confidence is back at pre-pandemic levels, although it has taken a knock in recent weeks, household budgets squeezed thanks to food and fuel price rises. Inflation is currently 4.2% (ONS).
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