First some macro-economic issues taking effect on the market.<\/p>\n\n\n\n
July and August are traditionally quieter times in the property market as people go on holiday. This is especially true in 2022 as foreign holidays have been restricted for the past two years. This means less properties are put on the market and there is less buyer activity.<\/p>\n\n\n\n
The Halifax and Nationwide both produce a house price index. Their figures tell us house prices in the UK rose in August 2022 by 0.4% and 0.8% respectively. The annual rate of growth eased but still stands at a health 11.5% according to the Halifax and 10% from Nationwide.<\/p>\n\n\n\n
Read the full data from Halifax<\/a> and Nationwide<\/a>.<\/p>\n\n\n\n \u201cIf you watch or read the news you\u2019d think the world is coming to an end. In the real-world people still need to move and are confident they can pay their mortgages.\u201d<\/p>\n\n\n\n \u201cThe shortage of housing stock on the market is helping to keep prices high. We are surveying and valuing homes where there has been multiple bids and prices continue to be agreed above asking prices.\u201d<\/p>\n\n\n\n \u201cThe real test of the market will come once the full effect of the increased energy prices comes into play and disposable incomes come under pressure.\u201d<\/p>\n\n\n\n \u201cAll in all, we think there might some easing of house price rises towards the end of 2022, but we don\u2019t believe we are likely to see any significant price drops.\u201d<\/p>\n\n\n\nJames Raspin, Chief Surveying Officer at Survey Hut commented on the figures:<\/strong><\/h3>\n\n\n\n