ONS House Price Index - Jackson-Stops comments

In response to the ONS House Price Index published today which outlined that the average UK house price increased by 0.2% in the year to August 2023, Nick Leeming, Chairman of Jackson-Stops, comments:

“The continued resilience of the UK housing market should not be underestimated. While house price growth may have subdued – perhaps the expected outcome in response to more challenging lending conditions – the market is taking a ‘Keep Calm and Carry on’ approach to housing. Across our national network, we are seeing new instructions rise as committed sellers remain eager to make their move – a level on a par with the same time a year ago. This sentiment is reinforced by the volume of instructions increasing up and down the country, up 72% since January. In some areas of the country, the Autumn market is experiencing a late Summer sizzle, with Sherborne, Norwich and Blandford coming out as top performing locations for the Jackson-Stops network with the biggest increases in buyers vs sellers month on month.

“Irrespective of short term uncertainty and economic headwinds, the fundamentals of the property remain the same. Buying a home or taking out a mortgage are some of the most significant and long-term financial decisions a person will make, and while there are always periods that are more favourable financially, changes to lifestyle will inevitably continue to contribute to transactions completing.

“More broadly, homeowners have been paying close attention to the recent party conferences, hoping to compare the major parties housing policies ahead of the next general election, which could be as soon as next spring. Whilst the run up to an election year can breed more uncertainty, we are yet to see this in a big way. If positioned correctly, it is hoped that any new housing policies serve to stimulate markets and broader economic confidence, supporting transactions and housing mobility across the UK.