ONS House Price Index comment, 16th November 2022

Nick Ferrier, Director of Jackson-Stops Midhurst branch, following the ONS House Price Index this morning which saw average house prices rise by 9.5% over the year to September 2022 but down from 13.1% in August 2022, comments:

“The market retains significant energy, demand continues to outstrip supply. The steadiness in transaction levels and house price growth that we are now seeing month on month is simply putting the market back in line with a rate of activity that could have been expected pre-Covid and no different to the seasonal variations in the country market. Certainly, policy changes and government actions such as the Stamp Duty Holiday in 2020 helped to boost the market but it was demand that pushed activity levels up.

“The market doesn’t have a crystal ball to predict what the Chancellor has planned for tomorrow’s Autumn Statement, but the expectation is that it will be an undynamic but steadying fiscal response. For prospective buyers that require a mortgage to finance their property purchase, we hope that they can be reassured that the partnership of Sunak and Hunt may precipitate mortgage rates falling slightly, with the Bank of England hinting at stability ahead next year.

“As we come to the end of the year and conclude a healthy number of transactions we can look forward to spring as the good weather brings a fresh wave of new stock. Whilst we are in the winter months there is no better time for sellers to do as much preparation as possible before listing their home, from paperwork to instructing a solicitor, for the best chance of a timely completion.”